Need help- getting a loan with a Co signer. 1 year since Foreclosure. Current credit score is 699. I may have a willing relative co-signer.

Asked by Rob, Grapevine, TX Tue May 21, 2013

Can I get a FHA loan only? Is down payment minimum 3.5% with a co signor? Any good lenders that I should contact. I appreciate your help. - Rob

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Don Groff, Agent, Austin, TX
Tue May 21, 2013
I agree with most of the answers below. Having a co-signer will not help as the foreclosure is just too recent and because of that you cannot even be on the loan until the necessary time has passed and that is typically 3 years unless there are extenuating circumstances.

Hope this helps.

Don Groff | REALTOR® & Mortgage Broker
Austin Real Estate Pros & 360 Lending Group
o 512.669.5599 | m 512.633.4157 |
websites: |
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1 vote
Dallas Texas, Agent, Dallas, TN
Tue May 21, 2013
Many particulars are involved in order to qualify for a mortgage. Recommend contact a lender upon review of loan application you should have the answers.

Contact my office today where I can show you many amazing homes work with your family specifications.

Lynn911 Dallas Realtor & Consultant
Multimillion Dollar Sales Producer
972-699-9111 100's of Dallas homes listed for sale or lease

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1 vote
Maria Cipoll…, Agent, Coral Springs, FL
Tue May 21, 2013
The time when the foreclosure was completed and when can the buyer purchase another home have changed, for that we looked to Fannie Mae. Fannie Mae is America's largest mortgage buyer, a private corporation which buys mortgage loans in the secondary mortgage market. Because Fannie Mae will end up with the properties back if borrowers default, Fannie Mae has a strong interest in setting forth stringent guidelines to lessen the chance a borrower will go into foreclosure.

If you have documented extenuating circumstances, these will have a direct bearings on the number of years you will have to wait. Normally is between 3 to 5 years.

Best of Luck,

Maria Cipollone
1 vote
Scott Godzyk, Agent, Manchester, NH
Tue May 21, 2013
In most cases you need 3 years to pass from your foreclosure. Buying a home is not like a car. you can not just have a co-signor but it is a co-borrower. Meet with a local and trusted loan officer who can guide yo, stay away from internet lenders and those who promise miracles, the mortgage industry is tight right now and getting a mortgage isnt easy, but not impossible if done right
1 vote
John Straub, Agent, Fort Worth, TX
Tue May 21, 2013
Good Morning Rob,
The answer to your question is most likely not at this time. FHA wants to see 3 years of history after the foreclosure occurred.
1 vote
Jennifer, , Fort Worth, TX
Tue May 21, 2013
Hi Rob,

Your situation is unique to you and you alone.
I'm extremely confidant that, Julie Maddux @First United Bank Mortgage will assist you with all your Concerns.

Her office, unlike most lending companies, houses their own underwriting, processing, closing and funding departments all under one roof to simplify and accelerate the mortgage process. The result is a loan that's simple, fast, convenient and specifically tailored to you and your investment.

Best Success to you in your Search for your new HOME!
~ Jenn

Julie Maddux
Sales Manager
First United Bank Mortgage
(817) 329-1785
NMLS# 227130
1 vote
Kyle Harden, , Keller, TX
Tue May 21, 2013
You can also try Brian Tarbet:
1 vote
Lisa Ackerson, Agent, Southlake, TX
Tue May 21, 2013
Here's Bill's answer:

The requirements for a foreclosure are:

If the foreclosure was greater than three (3) years prior to the date of the application, and an AUS Accept was received, the loan does not need manual downgrading and foreclosure documentation is not required

Any previous foreclosure or deed-in-lieu of foreclosure on either a principal residence or other real property within the previous three (3) years is generally not eligible for a new FHA-insured mortgage.

If the foreclosure was the result of documented extenuating circumstances that were beyond the control of the borrower and the borrower has re-established good credit since the foreclosure, an exception may be granted to the three-year requirement. Extenuating circumstances include serious illness or death of a wage earner, but do not include the inability to sell the house because of a job transfer or relocation to another area.

Bill Adcock
Area Manager | NMLS#572242
Cell: 817-538-3858
Office: 469-375-2008
eFax: 866-614-1692

Learn More:
1 vote
Lisa Ackerson, Agent, Southlake, TX
Tue May 21, 2013
Try Bill Adcock - I work with him all the time and he is great. (817) 538-3858
Email: If he says he can do it, he can!
1 vote
Sharon Yeary, , Southlake, TX
Tue May 21, 2013
Contact Cheri Ford at 817-528-3673. She can perform miracles. Tell her I told you to call!
Sharon Yeary
Sharcom Realty
1 vote
Rob, Home Buyer, Grapevine, TX
Thu Jun 6, 2013
New situation. My Nephew is willing to buy a house here for us in his name alone. Once we reach 3 year fha waiting period is done we are going to transfer it into our name. His employment is in Houston. He does not own a house yet. Can he buy a primary home here in Southlake/Grapevine?If so can you suggest some good lenders around here?
0 votes
Rob, Home Buyer, Grapevine, TX
Wed May 22, 2013
Thanks to everyone. Very helpful. I guess have to wait 2 more years.
0 votes
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