Hi I was foreclosed on in July of 2009, my credit score is around 670 and I have about 10K to put down. How long til I can get another mortgage?

Asked by Alaina Donofrio, Phoenix, AZ Sun Nov 13, 2011

I have excellent credit except for the foreclosure, have a strong employment history and am making good money. How can I buy a shortsale or foreclosure without a ton of money down? Can I pre-secure the lending or will it be based on the property? I was looking at lease/buy options but they're mostly overpriced.

Help the community by answering this question:

+ web reference
Web reference:


Ruth and Per…, Agent, Los Gatos, CA
Sat Nov 19, 2011
Hi Laney

You only have a few months to go before you will be eligible to buy using a FHA loan.

Now of course if you are impatient then there are Hard money lenders or rent to own.
Sure they are not cheap or very competitive, but that is the way it goes after a Foreclosure or
a Short sale.

Good luck.
0 votes
Doug McVinua, Agent, Gilbert, AZ
Sat Nov 19, 2011

Did you receive the information you wanted? Would you like more information and to also begin planning?

It is often best to start the process early so that we can position you to purchase. I have seen buyers wait the full 3 years only to find out steps could of taken before to prepare.

It will cost you nothing to prepare except a little time. To me that beats waiting only to find out you could or should of done something.
Web Reference:  http://www.McVinua.com
0 votes
Patrick Jorg…, Agent, Phoenix, AZ
Tue Nov 15, 2011
I agree with Spirit (Spirit?) in Tucson. Don't listen to an agent for mortgage advice. On that note, I'll give you some... You do have about another 6 months to wait before you can start applying for an FHA insured mortgage. You really can't "pre-secure" financing this far out. Even if you could, it wouldn't be cost effective. That being said, there are a few sellers out there who are willing to carry the mortgage. If you need to get into a house right now, that may be an option for you. You can secure a house and then refinance (possibly) when you are eligible. Otherwise, I would wait it out and find the house you want when you are able. I hope you find the house, and mortgage, you are looking for. And, if I can be of any more help, let me know.
0 votes
, ,
Tue Nov 15, 2011
Three years on an FHA and 4 years on conventional in my shop. Must also meet the minimum FHA scorecard in addition to the elapsed time and minimum credit score.

Info on Lease Options:

Info on the criminal side of Credit Repair:

Info on Down Payment Assistance in Kentucky:
0 votes
Vincent Esqu…, Agent, Goodyear, AZ
Tue Nov 15, 2011
You can expect a 3 year waiting period to purchase again. I don't recommend a lease purchase or lease option, most times these do not end up working out. You will be able to qualify soon and I would engage a very strong and reputable lender. I enjoy working with Academy Mortgage and Nova.
0 votes
Spirit Messi…, Agent, Tucson, AZ
Tue Nov 15, 2011
Sounds like you are doing well, I am not a lender (neither is the agent who answered your question). Talk with a local lender, I recommend Nova Home Loans, give me a call or email and I can provide name & number.
It is a free conversation to have, find out where you are at, what you can do to increase your scores, and how long it will take.

Best of luck.
0 votes
Anna M Brocco, Agent, Williston Park, NY
Sun Nov 13, 2011
If looking to buy, much will depend on the circumstances that led you to foreclose, your current credit, debt, etc.; generally at this time it can take two to seven years...visit with any loan officer for an accurate answer relating to your specific situation....
0 votes
Search Advice
Ask our community a question

Email me when…

Learn more