how long after a foreclosure will it take before i can get a home loan?

Asked by Steve Biffle, 80112 Thu Apr 11, 2013

Lost my home because of a layoff 3 years ago. A month after this my Wife and I found jobs again and have been at the same place of business since. We have saved 15k and were wondering when we could get financed. Within the 3 years we have paid off 2 vehicles. Please help

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Steve Burgess, , San Juan Capistrano, CA
Thu Apr 24, 2014
Well my friend, no need to feel insecure of your current financial status, as many financial institutes are providing all sort of financial assistance which includes instant loans also. But do check its terms & conditions thoroughly before opting for any.
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, ,
Thu Apr 24, 2014
Hi Steve, I can share some insight for your goals and feel free to contact me.
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Ray Williams, , Denver, CO
Thu Apr 24, 2014
Under certain qualifying events the waiting period can be 2 years. Find an experienced lender and they can guide you based on what you are saying. @MtgMaestro

Ray WIlliams
Branch Manager
Summit Mortgage
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Owen Kinyungu, Agent, Greenwood Village, CO
Thu Apr 24, 2014
It takes 3 years for someone who has done a short sale on their home or for bankruptcy cases. Let me know if you need assistance.
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, ,
Wed Mar 19, 2014
Steve, Less is more when it comes to waiting times after a Short Sale or a Foreclosure!

It is unfortunate, uncomfortable and a stressful situation to have lost a home to a Short Sale or Foreclosure. For those families impacted are now Renters or living with Family or Friends to have a roof over their head. It can be depressing to them in knowing that they have to wait for years to achieve a home of their own again.

I personally think it is unfair for consumers to have to wait years until they can purchase or refinance a home. I mean they have already been hit hard and now a long waiting period seems somewhat counterproductive. But the positive is that it does give them time to rebuild, budget and plan for the future, which is necessary for all Homeowners to do.

If you (like me) do not have the patience to wait and you know that you can afford your new home, and then the question is........ Why Wait?
Oh I forgot, I Have a Waiting Period that I must adhere to.

We know for sure Home Sales prices are going up. I would guess that Interest rates have more of chance of going up rather than going down, as we are in historical lows right now.

If you have been told that you have to wait 2 to 7 years to purchase a home (depending on your unique situation) Then depending on who you spoke to, what event you had in the past, you most likely were given the correct information as it pertains specifically to Fannie Mae, Freddie Mac or FHA set Guidelines. Each lender has to Follow those guidelines and some lenders may have more stringent guidelines that they impose because of their investors develop overlays that superseded the standard Guidelines.
If you are getting mixed information on your waiting periods, Let me know...

Ok that was a lot of words and I could have just said simply that "waiting to purchase can cost a lot of money".
What I mean by that is, if it is required that you have to Wait until years go by, then you might miss your buying power position in the home size or neighborhood you want or need as Home prices are on the rise and who knows, maybe interest rates will also rise? (I hope not)

Am I repeating myself?
Yes I am, as Housing prices are on the Rise and Interest rates are still in historical lows - it is time to get prepared to plan out your future home purchase as it just might closer than you think.

Are you saying that there is a Solid Solution for us and we can avoid the Waiting period?
Yes, Now there is a 2nd chance solution for those impacted families to achieve again the pride of homeownership. In Approved States, Consumers DO NOT have to wait at all to purchase or refinance after having a Foreclosure or Short Sale. You can return to the Housing Market now!
This helps the community and the local economy to grow as these consumers are now back in to a home with a new life and positive outlook toward their future.

It is simply amazing to see and feel the renewed energy and reaction when these families are handed the keys to their new home.
I believe knowledge is power and having the right information will assist you in making intelligent decisions for your family’s financial future.
If you would like accurate information that pertain to your unique situation and waiting period and more information on the 2nd Chance option, Please feel free to call me.

Michael Evans
Sr. Loan Officer
NMLS 251165
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*supposed to be a smiley face at the end of the last comment :)
Flag Fri Apr 25, 2014
While somewhat entertaining, that was too longwinded, I stopped reading halfway down. If you want to get business by providing solutions like whatever portfolio loan you guys do, you might want to get to the point a bit faster, remember, we're all semi ADD with technology at our fingertips all day.
Flag Fri Apr 25, 2014
kcarrington, , Austin, TX
Wed Sep 4, 2013
Hi Steve,

I can actually get you a loan after 12 months seasoning of your foreclosure.

Kyle Carrington
Senior Loan Officer
VA Specialist
NRL Mortgage
8303 North Mopac Ste C-210
Austin, TX 78759
Office 512-524-7012
Fax 512-610-8744
NMLS# 349423
Company NMLS# 181407
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Ray Williams, , Denver, CO
Thu Apr 11, 2013
Hello Steve,

The answer behind that question is 3 years from the date the deed transferred out of your name (Unless you are a qualified Veteran, than that changes things a bit).

From there, the underwriters want to see credit has been taken back out and paid on time. So the credit score is step 2 after the waiting period is over. Of course it helps you have saved money along the way as well. I always advise to start before you are ready so you know all the ducks are in a row whent the time comes, versus finding out you have work to do.

Hopefully you are on track to get there. If you have any questions let me know , I have been helping people like you re-enter the housing market for years now.

Best of Luck
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Hi Ray. Since there are new guidelines for getting a loan after 12 months for certain circumstances, how does this affect the 1st time homeowner assistance programs? It used to be that you have not owned a home for the lat 3 years. Did that change to 1 year under these new guidelines?
Flag Wed Sep 4, 2013
Kevin Goff, Agent, Littleton, CO
Thu Apr 11, 2013
Hi Steve,

You might be able to go get a loan sooner than you think. The foreclosure will stay on your credit for 7 years, I believe the number is, but that won't necessarily disqualify you from getting a loan. You may find that you have a higher interest rate than you would without it. We have a lender in our office that I can set you up with if you are interested. I work with Keller Williams - Park Meadows.

If there's anything else that I can do to help you out, don't hesitate to get in contact!

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Robert McGui…, Agent, Denver, CO
Thu Apr 11, 2013
Hi Steve,

My lenders tell me that the minimum time is 3 years unless there are special hardship circumstances such as severe illness, etc. In the mean time, they would like you to re-establish your credit with a couple of bank credit cards and possibly a car loan. When the time comes for you to move ahead with a home loan your credit will look clean again. You can then be approved according to your job and debt to income ratios. A good lender can guide you through this process since they know what the banks want to see. Let me know if you need lender referrals. All the best in starting over.

Robert McGuire ASR
Your Castle Real Estate
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Sue Brunke, Agent, BroomfieldArvada, CO
Thu Apr 11, 2013
I am a Realtor and work with an excellent lender that may be able to help you. He can guide you through any changes you may need to do to be able to get financing again. It sounds like you have worked very hard at improving your credit score. Please give me a call and lets talk about it.

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, ,
Thu Apr 11, 2013
You can obtain an FHA loan 3 years after a foreclosure and a conventional loan after 5-7 years depending on the lender. If you would like I could give you a custom quote.

Contact me through my profile.
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