I was foreclosured last year. Can I buy a house with more than 50% down?

Asked by Mimi, San Jose, CA Thu May 5, 2011

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Dp2, , Virginia
Fri May 6, 2011
You might want to considering doing something with creative financing.
0 votes
Andrea Wince…, Agent, Milpitas, CA
Fri May 6, 2011
The best thing to do Mimi is get in contact with a mortgage lender and have them run all your financials. The 50% downpayment should be beneficial, however, the lender will also look at where that money came from. (the source of your 50% downpayment). If you would like me to refer you to a loan officer that I work with, please contact me through my Trulia profile. Kind regards.
0 votes
James Mauldw…, Agent, Saratoga, CA
Fri May 6, 2011
It all depends. Have you been late on other payments as well? I. E. Credit cards, other loans etc. This is a huge factor.

Jim Mauldwin
Intero RE
Web Reference:  http://Www.Jimmauldwin.com
0 votes
Shel-lee Dav…, Agent, Rolling Hills Estates, CA
Fri May 6, 2011

Lenders have gotten tougher on their requirements, and each lender is different. Although you will not qualify for most government backed programs (Fannie, Freddie or FHA), VA will lend to you as long the foreclosure was not on a VA loan (of course that assumes you or someone buying this house with you is a vet). Also, some credit unions or other "relationship" lenders may look at your situation and agree to work with you. Especially is there were special circumstances that cause the foreclosure, and that now are a thing of the past. Most internet lenders will filter you out.

The only way you will know for sure is to speak with multiple lenders in your area. You might want to start with your bank, where you keep your "more than 50% down" on deposit. Or, if you are a member of a credit union speak with them. If none of these move you forward, I can provide you with the name of a great lender that has offices in San Jose. Let me know if you need this referral.

Good luck and 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)
0 votes
Gabriel Nguy…, , Campbell, CA
Fri May 6, 2011
No, if finance through regular channels.
And Yes if you are willing to pay 10-12% interest rate, plus 2-3points in fee.
Web Reference:  http://www.4reohomes.us
0 votes
Scott Godzyk, Agent, Manchester, NH
Fri May 6, 2011
You should meet with a local and trusted mortgage broker, they can prequailify you at no cost, they will look at your credit plus your financials and let you know if there are any programs that you may quailify for.


Please click on my blog above for a full list of details, tips and advice to get a mortgage in todays market
0 votes
Gregorio Den…, , San Diego, CA
Fri May 6, 2011
Possibly with seller financing or hard money, but not with conventional or government backed mortgages.
Web Reference:  http://WeFixRates.Com
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