I lost my home to forclosure 2 years ago after my husband died. I have the money for a good downpayment. Is it possible to buy a home again?

Asked by Rachel Insalaco, Tucson, AZ Wed Sep 5, 2012

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18
Maria Cipoll…, Agent, Coral Springs, FL
Fri Sep 14, 2012
I am so sorry to hear about your husban passing. Your best option will be to get in contact with a mortgage broker. Generally speaking, mortgage brokers work with different Banks and private lenders and they will know who can help you in your case.

Best of Luck,

Maria Cipollone

http://www.Flahomespecialist.com
3 votes
Spirit Messi…, Agent, Tucson, AZ
Wed Sep 5, 2012
Most likey yes. Please talk with a lender to get pre-approved & then click on the profile(s) of the agents that take the time to answer your question. You can read past reviews written by past clients to get an idea of what kind of agent I am & I would like to work with you.
I can recommend Paul Volpe, Vice President at Nova Home Loans, (520) 241-4048. Give him a call, he will answer your questions & see about getting you approved & for how much. There is no cost nor obligation for you.

Good luck. Buying a house should be an exciting & educational process.

Spirit Messingham
1 vote
Spirit, can I just say that I love the way you work on here? Always honest and open about business. Hope we get to do a deal one day!
Flag Wed Sep 5, 2012
Jc Williams, , Tucson, AZ
Fri Sep 28, 2012
Another option is to look for seller financing. This is where the seller of the house is willing to operate like the bank. Here are the thing you should be aware of and take care of:

1. You will, most likely pay a higher interest rate, but you will not, generally, have to worry about a credit check.
2. If it is a private sale (one that does not include a real estate agent), make sure that you use an attorney to validate the contents of the sales contract. This will make sure that what you and the owner negotiate are covered in the contract and that there are no suprises.
3. Use a title Company! Make sure that you get title insurance. This will protect you for anything that may be an issue with the transfer of title to you. (Yes, I have had people try to sell me a property that they did not own or had liens against the property that had to be cleared up before I could purchase the property).
4. Get loan servicing and have both your insurance (homeowners) and property taxes empounded and paid through the servicing company. This will help you in several ways:
a. Payment history is maintained through a third party.
b. Generally, the servicing company reports your payment history to the credit reporting agencies (helps in re-establishing your credit history)
c. IRS reporting for interest you paid is made and you will receive the proper tax filing reports at the end of the year
d. Your property taxes and interest payments will be made on time and are included in your monthly payments so you are not faced with a large tax or insuracnce bill that may be hard to pay.

If you want to learn more about how to use seller finance to acquire your home, please contact me.

JC
0 votes
Ric Mills, Agent, Oro Valley, AZ
Thu Sep 20, 2012
We can recommend several lenders to talk to. I have recently worked with clients in the same situatioon and we were able to get them in a home. It took a minimum of 10% down but they got it done. Let me know and I will send the information to you. I hope to hear from you soon.
0 votes
Dawn Lowden, Agent, Avon, IN
Thu Sep 20, 2012
Hi Rachel,

Im sorry to read of your loss.

I have worked with clients in the past with a similar situation and we were able to get them into a new home!

I would recommend that you contact a Mortgage Lender and discuss your circumstances with them. If you don't know of a Mortgage Lender, contact a Realtor in the area and they will be able to give you names of local lenders in the area you wish to purchase.

Good Luck.....I wish you well!

Dawn
0 votes
Eseosa Ela…, Agent, Tucson, AZ
Thu Sep 6, 2012
Rachel,
My condolences to you and your family for your loss. Your first step should be to talk to a mortgage loan officer. The loan officer would be able to tell you exactly if you would qualify for a mortgage to purchase a home. I know of several great loan officers. If you need recommendations, please call me at 520-979-0531 or email me at realestate@showmetucson.com.


Sincerely,
Eseosa Elaiho
REALTOR®
Keller Williams Southern Arizona
520-979-0531
http://www.showmetucson.com
0 votes
Ruth and Per…, Agent, Los Gatos, CA
Wed Sep 5, 2012
Hi Rachel

So sorry t hear for your multiple losses. Ironically the Government just is passing the
Medical Aid bill: http://www.trulia.com/blog/perry_mistry/2012/09/medical_debt…

As you did do a foreclosure, you will have to explain the issues and circumstances.

Otherwise it is 4-7 years.

Start talking to the many fine responders to this email.

Good luck.

Perry
0 votes
Donna Moulton, Agent, Tucson, AZ
Wed Sep 5, 2012
Hi Rachel,

I'm so sorry for your losses. I do hope you are able to get another home soon as it will no doubt be a great comfort to you.

Each person's circumstances are different. The only way to find out whether it is time for you to buy another home is to have a brief talk with a mortgage broker. I can highly recommend Catherine Ellinwood with Fairway Independent Mortgage. Her cell phone number is 520-954-1907.

In her first career, she was a social worker. She is very easy to talk to, and very patient with explaining all the details of the mortgage process. Some of my clients were nowhere near ready to buy a house, either emotionally or financially, when she first talked with them. She told them the steps they needed to take to qualify for a mortgage, and those who followed her advice were able to achieve their homeownership goals. Catherine has now been a mortgage broker for many years. She knows the ins and outs of various mortgage options, and matches the buyer with the most beneficial mortgage. She takes great pride in locking her client's interest rate at the mutually agreed target rate. Sometimes the rates can dip for just a few hours, and a buyer needs a diligent mortgage broker who is representing the buyer's interests rather than her own.

Best of luck. Please let me know if you need any additional information.

Donna Moulton
Associate Broker
Tierra Antigua Realty
http://www.SweetDesertHome.com
520-909-1171
0 votes
David Hopper,…, Agent, Tucson, AZ
Wed Sep 5, 2012
Hi Rachael. The answer is probably, but only a lender can answer your question. See Spirit's answer below. I second his recommendation of a lender. I have used Paul personally and have referred many clients to him also. Good luck.
0 votes
Ric Mills, Agent, Oro Valley, AZ
Wed Sep 5, 2012
The couple I just got done, had a 10% DOWN PAYMENT. If you have 20% down that is even better. Let me know. ric925az@gmail.com
0 votes
Ric Mills, Agent, Oro Valley, AZ
Wed Sep 5, 2012
The couple I just got done, had a 10% DOWN PAYMENT. If you have 20% down that is even better. Let me know. ric925az@gmail.com
0 votes
Maria Cipoll…, Agent, Coral Springs, FL
Wed Sep 5, 2012
Hi Rachel,

I am sorry to hear about your husband and the foreclosure. If you have a good credit history and credit score in addition to at least 40% downpayment, you can try to get in touch with mortgage brokers that they work with different banks and private lenders.

Good Luck,

Maria Cipollone
http://www.Flahomespecialist.com
0 votes
Gayla Lemley, Agent, Tucson, AZ
Wed Sep 5, 2012
Rachel so sorry to hear your loss; even though it has been a couple of years I know how difficult it can be to continue to push forward.
Regarding your question about purchasing a home, the answer is maybe. I work with a lady, Jo Anne Shannon, with Geneva Fianancial, who can answer all of your questions. Her number is 520-250-9486. After speaking with her I would love to help you find a home. I can be reached at 520-481-9252; you can also visit my website to learn more about me http://www.GaylaLemley.com

Wishing you the very best!

Gayla Lemley
0 votes
Bill Parker,…, , Scottsdale, AZ
Wed Sep 5, 2012
Hi Rachel:

The normal wait period after a foreclosure with either Fannie or Freddie Mac is usually seven years. There is an exception, however, to three years with "extenuating circumstances" which it sounds like you would meet (sorry, for your loss).

FHA also allows for home purchases three years after a foreclosure, without extenuating circumstances.

If, by chance, you are a veteran, a VA loan may be obtained after only two years.

Each of these time periods begins from the date the foreclosure was recorded.

I work with people all over Arizona, so please feel free to get in touch with me either by email or telephone (see below).

Bill Parker
NMLS #223607
Bill.Parker@LegacyG.com
480-993-3080
0 votes
Lynn Hellwig, , Tucson, AZ
Wed Sep 5, 2012
Hi Rachel,
I am sorry so for the loss of your husband and then the loss of your home. I'm sure both have been very hard to deal with and move forward. To be honest, it may be difficult to get a loan but certainly worth looking into, especially with your circumstance. While I am a REALTOR (r), I do have a good lender on my team. She will meet with you, look over your finances, employment history etc. and the two of you can come up with a plan. If you are interested, please contact me and I will give you her name and contact information. Also, I will be by your side if you want.
Best of luck to you,
Lynn Hellwig, GRI
Lynn@LynnHellwig.com
520-954-2982
0 votes
Ric Mills, Agent, Oro Valley, AZ
Wed Sep 5, 2012
It may be possible. I just got a couple done that lost their house 18 months ago. It will depend on overall credit, income, and job. Contact me with your email and phone and I will have them call you or give you the number to call them. Once qualified, we can begin to find you a home. Let me know.
0 votes
Donna Reed, Agent, Tucson, AZ
Wed Sep 5, 2012
Hi Rachel... the good news is "Yes", however you will need to talk to a lender. Most lenders require 3 years to pass after a foreclosure..even if your credit is good, and you have some $$$.

Email me at donna@reedtucson.com and/or give me a call at 631-4638 and I will do my best to guide you. I am happy to suggest a couple of lenders to speak with if you need some help in that area.

Glad things are looking up for you,

Donna
0 votes
Lonnie Workm…, Agent, Tucson, AZ
Wed Sep 5, 2012
It depends on a lot of factors. Your best bet is to contact a lender and have them review your overall situation. Good luck!
0 votes
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