I had a client who wanted to buy a home in Arizona, but he had a foreclosure. After researching the web I found a loan program at http://www.cfsflex.com, they allow a mortgage after a foreclosure. There is no waiting period. Good to see lending options coming back.
There are many questions. 7 years but there are things only a mortgage professional should answer. If you would like to contact a mortgage pro please call me anytime and I can suggest a couple to get you started.
the best thing to do first is talk to a mortgage person at the bank and see what they say. IF they will not
approve you then you will have to try other avenues.
please feel free to contact me directly
If you have re-established your credit, have employment, etc., yes you can buy--however, you need to visit with any qualified loan officer(s) first, see if you qualify, see exactly what your budget can handle and check your credit score, etc.--then go from there.
Mortgage Broker Or Lender, East Hanover, NJ
Tue Apr 6, 2010
Ana, The answer is yes, provided you have either re-established credit and kept good payments on everything since; or you have refrained altogether from getting any new credit since the bankruptcy. The older bad items are on your credit report the less weight they carry.
A foreclosure will stay on your credit report for 7 years, but if you previously worked with a credit repair agency, they might be able to help you repair your credit in less than 7 years and get you a loan.
Hope this helps and good luck in your home search.
good morning ana.......with the foreclosure being that long ago is not going to hinder you from buying now...assuming you have re-established credit, job stablity, cash to close and your debt ratio works, you should be fine....hope that helps....bob mcclure- first preferred mortgage- southfield, michigan....