how does a person who has been foreclosed on two years ago begin to become a home owner again?

Asked by Georgia Boy, 02760 Wed Mar 7, 2012

I have been working with a credit repair company for the past several months having items deleted from my credit report including several inquiries and a bankruptcy has been removed. I just would like to know what else should I be doing to get back on the road to home ownership? are there any lenders who be willing to lend me about $75,0000 to purchase a home or any type of programs that I may qualify for that would help me purchase a home? Iam open to any suggestions that anyone may have. even any rent to own programs. fha or hud loans or any grants or anything that I have not been introduced to already.

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6
Jim Simms, Mortgage Broker Or Lender, Louisville, KY
Thu Mar 8, 2012
The first thing I would do is stop admitting on this web site that you are trying to commit mortgage fraud by having accurate negative information removed from your credit file. The Feds can read this as easy as anyone else. The link below will fill you in, good luck,
1 vote
Allison Fish…, Agent, Ann Arbor, MI
Mon Mar 12, 2012
Have you spoke to a lender in your area? I applaud you for working on your issue and for being proactive by finding out as much information as possible - however, no post online will replace working with a lender in your area. Even if you establish a relationship long before buying, you will at least know that the information you get is trustworthy and pertinent to your situation.

Further more, one of the BEST things you can do is save your money. Money is going to talk over the next 5 years as your rebuild your credit and the more money you can put down, the (much) less you will pay in interest. When you do buy, your interest rate will most likely be higher, but if you put more money down you will be much better off. Good luck!
0 votes
Sarah Goulart…, Agent, Plymouth, MA
Mon Mar 12, 2012
I just had a buyer successful in this in the past 6 months (I was the seller side). The buyer was mainly a cash purchase (66% down) and found a private investor loan for the rest. Not the best rate (11.99) but it got them into their home and they are planning on refinancing ASAP.
0 votes
Christine Mo…, Agent, Wilbraham, MA
Fri Mar 9, 2012
It depends on how much you have down. The fact that you are working to fix it shows you are headed in the right direction.
0 votes
Scott McCaul…, Other Pro, Portsmouth, NH
Thu Mar 8, 2012
For some programs, it can be only 3 years after the foreclosure... like with FHA for instance.

Conventional is typically 4 or more years.

Regards,
Scott McCauley
Web Reference:  http://www.LendWithScott.com
0 votes
Kevin Vitali, Agent, Tewksbury, MA
Thu Mar 8, 2012
It will probably take 5-7 years from a foreclosure to be able to purchase again. Get in contact with a mortgage broker and find out when you may be able to submit a mortgage application again.
0 votes
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