Looking for a lender that can help me get a loan to buy a house even if I had foreclosure in 2011.

Asked by Edward, Los Angeles, CA Tue Jul 23, 2013

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Gregorio Denny’s answer
Gregorio Den…, , San Diego, CA
Tue Jul 23, 2013
Sorry, that's not going to happen unless you have a very large down payment and seek non-traditional financing. Wait another year, work on re-establishing GOOD credit and apply for FHA after 3 years.
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Maggie Oreck, Agent, Studio City, CA
Sun May 31, 2015
There are many programs for loans after a foreclosure. Remember there is life after dead.
Just shop around and if your credit is good beside the foreclosure. I am sure your changes are good too.
Good luck!
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, ,
Thu Mar 19, 2015
Hello Edward, you may qualify ONE DAY after a foreclosure, short sale or deed in lieu with 20% down and minimum 620 fico score. You may qualify FHA ONE YEAR from a foreclosure, short sale or deed in lieu if it was due to a loss of income.

You may qualify FHA from fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down or as low as .5% half percent down payment program. You may consider 3% down conventional from a minimum 620 fico score.

If you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment/price you are looking to achieve and you can be emailed listings to fit your search criteria. Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, loan program and how much you want to invest into the down payment and closing costs.

If you have credit issues, your credit scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary. It only takes a few dozen questions to qualify, go over your options and email you listings to study and compare. Here are some links to study as well as web reference links to many loan program pages offered...

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran & VA/CalVet Loan Specialist
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
22+ Years Experience
BRE# 01140252
NMLS# 297251
9am till 5pm by phone Monday thru Saturday, Sundays by appt., EMAIL ANYTIME 24/7
Under640FicoScoreLoans@gmail.com or HomeLoans4U@live.com

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0 votes
Alex Khalili…, Agent, Woodland Hills, CA
Fri Mar 13, 2015
Hello Edward,

I have the right guy for you, please call me 818.925.8088

Please let me know if you have any other real estate-related questions!

Alex Khalilifard | Realtor - General Contractor
BRE License #: 01937591
Listing and Selling Agent
Direct: 818.925.8088
0 votes
, ,
Wed Jul 24, 2013
Sheryl is exactly right on this. A foreclosure is a serious derogatory credit item and lending guidelines mandate that you wait a certain period of time before you can apply for a new mortgage.

In addition, you'll need to demonstrate that you have been ultra-responsible with your credit/finances since then. You'll need to prove that the foreclosure was due to a temporary bad situation and is unlikely to happen again.

It is also true that you may be able to find some hard money financing out there at an outrageous rate if you have a large (20% or more) down payment saved. But you're probable just best off waiting until you can qualify for an FHA mortgage in another year. Take that loan, then in 4 more years you can refinance it into a conventional loan.

Best of luck Edward!
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