I do believe you can get a loan - based on the length of time since your foreclosure BUT, you really should talk to a qualified mortgage professional. There are more qualifications needed like debt-to-income ratios, credit scores, lingering legal issues, if you've been on time with all of your credit accounts etc. Find someone you like and have them help you with a mortgage qualification.
To qualify, you're going to need 2 recent pay stubs for each person on loan, 2 months of ALL bank statements, and last 2 years tax returns. Also, a letter explaining your foreclosure and whats changed may also be a good idea for the underwriters.
I like Curt Nix with iMortgage. I make no money by referring you to him, but he's who I send my friends and family to. 714-287-5057 or firstname.lastname@example.org
Best of luck,
Fannie Mae and others have new guidelines, and depending on the kind of foreclosure and extenuating circumstances, you may have to wait 5-7 years for a conventional loan (they will go to 3 if you have extenuating circumstances). In comparison, if you had performed a short sale the waiting period is 2 years.
Some of the factors that can count towards when you can get a home loan again is job loss, sickness, spouse death or injured by severe accident.. You may have to have a minimum 680 credit score, and have between a 10% or 20% down payment.
other payments in the last 12 months are current the lender will consider giving a loan.
contact a mortgage lender in you area or email me and I will refer you to one.
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