Home Buying in 92571>Question Details

leticiamuniz, Home Buyer in Perris, CA

I'm trying to buy a house. I had a foreclosure about 18 months ago. my income is about 70,000 a year, steady job.

Asked by leticiamuniz, Perris, CA Sat Jun 2, 2012

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Call us at 951-675-5119

0 votes Thank Flag Link Sun Jun 3, 2012
Because of the foreclosure, you may not be able to buy a home at this point. I believe it should take at least two years.

Please consult a local lender.

0 votes Thank Flag Link Sun Jun 3, 2012
Hi Leticia,
Some Lenders will not allow you to purchase for four years. I have one lender that may allow you a loan, depending on specific answers to some questions pertaining to your situation. Feel free to call me to discuss.
951.956.7325, reathell.
0 votes Thank Flag Link Sat Jun 2, 2012
Three years is pretty standard for a foreclosure. As stated previously, private money may be the best way to go, however the investors I work with are still pretty tight when they consider loaning their own money. Especially to anyone who recently went thru foreclosure only 18 months ago.

I'm working with several buyers right now who went thru foreclosure 3 years ago and are now qualified and looking to buy again. The market should still be down for awhile and if you end up waiting the remaining 18 months, you should still be in a good position as long as interest rates stay low and prices stay level.

I would recommend speaking with a good lender now to get the whole picture of where you are now and what you need to be doing to get back on track so you're ready when the time comes to buy again! I have a great lender so let me know if you'd like to speak with him.

Either way, good luck.

Ray Wright
Realtor/Certified Preforeclosure Specialist
Keller Williams Realty
Direct: 951-354-1303
Email: RayWright@kw.com
0 votes Thank Flag Link Sat Jun 2, 2012
Hi Leticia,

Unless the banks change their waiting / seasoning periods, you will be looking at about 3-4 years before a lender will consider you for a loan. With the banks having so much inventory, you would think that they would shorten the waiting / seasoning time frames. However.....there is way to purchase a home without having to go through a bank. I deal with several investors who are purchasing properties to "flip" and others to rent out. In some cases, they sell the properties while assuming the bank's position as the lender. In other words, they will "carry" the loan...

If you would like more info on the issue, feel free to give me a call or email me back in order to discuss further....
0 votes Thank Flag Link Sat Jun 2, 2012
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