Can someone get Homepath financing who has had a bk discharged in 2009 with multiple properties foreclosed. Current fico is 640. On job for 25 years

Asked by Dezra Guthrie, Ashland, OR Mon Apr 22, 2013

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Maria Morton, Agent, Kansas City, MO
Thu Apr 25, 2013
Need more details and best not to give them here. I see you're in Oregon so the best and easiest for you is to call a local real estate agent to see which lenders s/he recommends for helping someone out after a bankruptcy. S/he'll also be able to tell you which ones will handle Homepath properties and also if there are other programs you might qualify for.
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Tawood, Home Buyer, Gladstone, MO
Tue Apr 23, 2013
Although conventional Fannie Mae and Freddie Mac do require a 4 year period from the date the most recent foreclosure deed was filed of record, FHA will allow at year 3 as long as credit has been re established. If you've had no homeownership interest in the last 3 years, you also qualify as a First Time homebuyer again. There are multiple options available, but talking directly to a lender and determining your specific path is paramount. Each situation will carry it's own hurdles to overcome and talking with a professional to determine your specific hurdles would be the best place to start.
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Anita Eaton, Agent, Independence, MO
Mon Apr 22, 2013
You will need to ask your loan officer in your area. One HomePath lender said::
Bankruptcy / Foreclosures / Deed-In-Lieu
ï‚· Measures by the discharge or dismissal date
ï‚· For a previous foreclosure, the new mortgage must be the following:
- A purchase transaction secured by a Primary Residence with a maximum LTV/CLTV/HCLTV of 90%
Weblink: http://www.pcmwholesale.com/getform.aspx?id=86

While another HomePath Lender said:
Bankruptcy: Bankruptcy in the last 4 years is not allowed.
Multiple bankruptcies in the last 7 years are not acceptable.
Foreclosure: Foreclosures in the last 7 years are not eligible.
Deed-in-Lieu: A deed-in-lieu is not allowed in the last 4 years.
Weblink: http://www.plazahomemortgage.com/Documents/PlazaPrograms/Hom…

FannieMae Guidelines for Bankruptcy (Chapter 7 or Chapter 11):

A four-year waiting period is required, measured from the discharge or dismissal date of the
bankruptcy action.

Exceptions for Extenuating Circumstances
A two-year waiting period is permitted if extenuating circumstances can be documented, and is
measured from the discharge or dismissal date of the bankruptcy action. Weblink: https://www.fanniemae.com/content/guide/sel040913.pdf#page=507
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