How long after a foreclosure can you try to become a homeowner again. More Wiser smarter and more informed about reading the entire docs.

Asked by Anjoli, San Diego, CA Wed Feb 2, 2011

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12
Steve Innis, , Clairemont Mesa West, San Diego, CA
Wed Feb 2, 2011
BEST ANSWER
Anjolie,

Have you thought of doing a lease-option? Done correctly you can get in with little money down, build your payment history, get some principal pay down, and maybe grab a little appreciation while you wait to be qualified by the banks. It can be a great way to achieve your goal. As you already know... read up on it first and get someone to help you.

Good luck!

Steve

Steve
Web Reference:  http://www.InnisRealtors.com
1 vote
Bob Movin-On, , Hartford, CT
Thu Feb 3, 2011
Seven years according to banking standards, you could qualify for a FHA loan 3 years after but those loans are underwritten by the very same banks that think this whole mortgage mess is our doing and not theirs so they make it very difficult to close one of those loans.
If you are interested we have a program that helps families/people that have lost their homes get back into another in as little as 6 months.

Bob Patrick
Buy a home after foreclosure expert.
Movin-On LLC
Helping families/people that have lost their homes get back into another in as little as 6 months.
1 vote
Eli Givoni-S…, , Boca Raton, FL
Wed Feb 2, 2011
A foreclosure is usually 7-10 years. After a short sale, you can usually buy again after two years. If you are going to lose your home to foreclosure, I would suggest doing a short sale, instead.

We are a professional short sale service. Please call us directly to discuss your specific situation. Our services are FREE to homeowners. We look forward to hearing from you.

Eli Givoni, Director
Short Sale Department, LLC
561-361-1909
info@shortsaledept.com
http://www.shortsaledepartment.com
Serving all 50 states
1 vote
Sher Slavin-…, Agent, Carlsbad, CA
Wed Feb 2, 2011
In addition to the answers already posted I am working with private money lenders who will be doing loans that are more expensive than conventional but cheaper than the usual hard money 10% loans. This may be a good way to secure a good house at a still decent price until you can refinance it to a better rate later on. Sher slavin. Shersproperties@gmail
1 vote
Shel-lee Dav…, Agent, Rolling Hills Estates, CA
Wed Feb 2, 2011
Anjolie:

Lots of good answers. One overlooked loan. If you or a spouse qualify for VA, you can buy another home as soon as your credit score is above 640. If you need a referral to a great VA lender, let me know. Dare to Dream.

Shel-lee Davis, QSC®
Certified Distressed Property Expert – CDPE®
Short Sale & Foreclosure Resource – SFR®
Certified HAFA Specialist – CHS®
SSG Pro®
Your Real Estate Consultant for Life
RE/MAX Palos Verdes Realty
424-2HELP12 (424-243-5712)
myrealestateanswers@gmail.com
http://shel-lee.listingbook.com
1 vote
Jerry Heard, Agent, San Diego, CA
Wed Feb 2, 2011
Anjolie,

Typically it is 3 to 5 years. FHA will be the easiest way to get financing. At the present there are discussions going on in Congress to allow Fannie Mae and Freddie Mac to be a bit more generous in this aspect of underwriting the loans of people who were victims of "predatory lending" programs.
The best thing to do is talk to some lenders and get their feedback on your particular situation. At the website http://www.yoursdps.info there is a tab with information about lenders. One of them may be able to help you.
Best wishes,
Jerry Heard
Broker
The San Diego Property Shop
619-920-9796
1 vote
Marcie Sands, Agent, Poway, CA
Wed Feb 2, 2011
Anjolie,

As far as becoming a homeowner, in the State of California it might be 5 years to be able to obtain a loan owned by Fannie Mae. If the original foreclosure was a conventional loan, it may be 3 years to obtain an FHA loan. The foreclosure will remain on your credit history for 7 years.

Kind Regards,

Marcie Sands, REALTOR
Simply The Best Real Estate Co., Inc.
760-644-1562
1 vote
Dp2, , Virginia
Wed Feb 2, 2011
Possibly sooner if you're willing to consider deals with creative financing (ie lease-options, seller financing, etc). Plenty of info about it exists online; yet, quite a bit of disinformation also exists. So you need to be careful, and make sure that you do your research thoroughly.

Please feel free to contact me.
1 vote
Melia and Ol…, Agent, Rancho Santa Fe, CA
Wed Feb 2, 2011
Hello Anjolie,

That seems to be a question where the answer is always changing. I just heard at our last office meeting that it was 3 years. There are also a lot of variables, like income, credit, prior payments before foreclosure. It used to be 7 years, so you see it is changing. The best person to talk you through all the details is a mortgage consultant, if you need a recommendation, I have a few.

What part of San Diego are you looking to purchase in, when the time is right?

Melia
melia@prusd.com
http://www.theindras.com
Web Reference:  http://www.theindras.com
1 vote
Jill Wheeler, Agent, Del Mar, CA
Wed Feb 2, 2011
Anywhere from 3-5 years depending on what lender you use. Also be careful to get a rate that works for you versus something high based on your foreclosure history.
1 vote
Baruch Rosen…, Agent, San Diego, CA
Wed Feb 2, 2011
Fannie Mae and Freddie Mac say 5 years to buy. What was your situation?

Baruch Rosenberg
Keller Williams Realty
619-436-9500
1 vote
Constantine…, , San Diego, CA
Wed Feb 2, 2011
3 years with most lenders.
Good luck!
Web Reference:  http://www.e-approval.com
1 vote
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