Along with what Manuel said, there is a program that will qualify borrowers for a mortgage after 12 months of a financial issue.
FHA has a wonderful program call Back To Work, where if you had lost 20% of your income for 6 months, which caused you to have the collections and late payments (or foreclosure &/or bankruptcy) but now you have a steady job and have 12 consecutive months of on-time payments, you can get a mortgage!
I am licensed in IL, CA and WA states, I would happy to get the process started. Give me a call at 773.415.6859
With warm regards,
Mary Kay Laurent
Associate Vice President of Mortgage Lending
o: 773.516.6859 - m: 312.403.4150 - f: 773.328.1740
3940 North Ravenswood , Chicago, IL 60613
NMLS ID: 870598
NMLS ID 2611 - NMLS Consumer Access - Licensing Information
State License Numbers: CA - CA-DOC870598 - 4130699, IL - 031.0032236 - MB.0005932, WA - MLO-870598 - CL-2611