I had forclosure in August 2009 can I purchase a home this year in September?

Asked by srk55, Buena Park, CA Tue May 15, 2012

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Felix Hung, Agent, Huntington Beach, CA
Sat May 19, 2012

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.

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Jeremy Lehman, Agent, Garden Grove, CA
Tue May 15, 2012
Yes, as mentioned before, lenders have a year rule for both foreclosures and short sales, as long as your credit history is up to par since the foreclosure. A lender will be the best place to start.

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 curt.nix@imortgage.com

Best of luck,
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Matthew Free…, Agent, Orange, CA
Tue May 15, 2012
It's not impossible, but it will be quite an uphill battle. Lenders are extremely cautious right now about giving out loans, and even people who haven't had foreclosures or credit problems are having issues. If you have a good down payment and have rebuilt your credit over the last 3 years, then you might be able to find something.

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.
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Daniel Harms, , Upland, CA
Tue May 15, 2012
Yes you can. The foreclosure will be on your credit for up to 10 years. However most lenders will consider giving you a home loan after 3 years. All payments must be current and credit re-established. I would suggest contact a lender you are comfortable with now to see if there is anything you can do between now and September to make your chances better for getting a loan. If you need a referal to a lender please give me a call and I will be happy to recommend one for you.

Thank you,

Daniel Harms
Tarbell Realtos-Upland
Web Reference:  http://www.danieleharms.com
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Shaukatali K…, Agent, Katy, TX
Tue May 15, 2012
Yes you can purcahse . a fore closure will be seen for 3 yrs but if all
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.

Click on the link for all real estate information.

Good Luck.
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