Home price 80k; downpayment 30k; can I be financed ? (with recently satisfied foreclosure paid in full MAR 20102)

Asked by Craig Osterberg, Denver, CO Wed Jun 27, 2012

My credit is fair 580-650?, student loan in deferment, no other debts. I have paperwork proving mortgage/foreclosure paid in full, etc

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5
Cory Fitzsim…, Agent, Golden, CO
Wed Jul 18, 2012
Talk with a loan officer to get the best answers.
1 vote
Robert McGui…, Agent, Denver, CO
Sat Aug 18, 2012
Craig,

I just saw your question. Hope you got things worked out. Not sure what you mean by a paid and satisfied foreclosure. But if you did have a foreclosure there is a time frame of 2 years before you can purchase a home FHA, and 3 years for conventional. Most lenders prefer credit scores 640 and up unless it is a special financing program. Good luck with your purchase.


Robert McGuire ASR
Broker/Consultant
Your Castle Real Estate
1776 S. Jackson St. #412
Denver CO 80210
Direct – 303-669-1246
http://theRobertMcGuire.com
0 votes
Claudia Mull…, Mortgage Broker Or Lender, Fremont, CA
Fri Jul 6, 2012
Foreclosure requires 7 years on conventional.
0 votes
Linda Evans…, Agent, Aurora, CO
Tue Jul 3, 2012
Hi Craig, your credit report may say paid in full, but was it actually? Sometimes a short sale reports a full payment on your credit report as part of the settlement. So the question is, did you actually pay off the full balance,in that case it was not foreclosed, just in default, or was it a short sale, or was it bought at the foreclosure sale? It matters. There is a great difference between 580 and 650, 580 is poor, 650 is fair, good is 680-720, best is 740 to 850. You can ALWAYS, get financed with HARD MONEY-14-15% INTEREST, but the best rates today 3.75-4.25 are for the two years no lates, and three years after a short sale, foreclosure or bankrupcy. The student loan has to be deferred for 12 months from the application, not in forebearance, otherwise the payment on the student loan will be included in your debt ratio. the underwriter may count it anyway. How long has it been since you were out of school? the underwriters are looking for reestablished credit, good credit, two years old, at least 3-4 accounts. Perhaps an owner carry is best , refinance in one year to pay the owner off. that will give you another year to reestablish yourself and have a payment record on the "owner carry" loan. OR.... private lending, an individual who may lend you the money at a decent rate since you have so much down.
0 votes
Roberts John…, Agent, Denver, CO
Wed Jun 27, 2012
I have a great lender that can help you answer that question, her name is Marybeth Heclker, 303.910.0680, marybeth.heckler@academymortgage.com.

I can set up the deal for you, call or email, Roberts Johnson, roberts@CoolDenverHomes.com, 303.525.7599
0 votes
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