My score is 670, wife has 711, together we make over 55k, want to buy a house in 100-150k range.

Asked by Bryan, Fort Worth, TX Wed Sep 26, 2012

Foreclosure on me will be over 3yrs come april of 2013. What to do until foreclosure is past 3yrs? We have a car loan paid on time, and credit cards that we pay off every month.

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Thu Sep 27, 2012
Good morning Bryan,

Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for. Especially with regards to your previous foreclosure; current Underwriting guidelines are quite strict in this regard.

Trevor Curran
NMLS #40140
0 votes
Lucy Puniwai, Agent, Haslet, TX
Wed Sep 26, 2012
Hi Bryan,

What I have found to work in the past is to #1 - don't pull your credit scores from now until your Lender needs to run them for your mortgage. You should keep a minimum of debt on your credit cards and to find out exactly what that amount needs to be, please contact one of these Lenders that have provided me with GREAT results for my clients:

J. Scott Harris
Vice President - Business Development & Recruiting
Highlands Residential Mortgage (NMLS 134871)
4975 Preston Park Road, Suite 640
Plano, TX 75093

24/7 Mobile: 214 435 8825
Lisa-Marie Thompson
Suzie Reed | NMLS #5327
Executive Director of Mortgage Operations
Direct: 972-985-2464 | Fax: 214-442-5633
These folks as I mentioned have proven results and will guide you through the next couple months.
I would like to interview to represent you on your home purchase in Keller when you are ready.

Please keep my information for future use as I look forward to working with you every step of the way!

Take care,


Lucy A. Puniwai
(214)783-6416 – Cell/Text
(682)224-8050 – Fax

In God We Trust
0 votes
Dallas Texas, Agent, Dallas, TN
Wed Sep 26, 2012
GREAT ... sounds like you could be moving forward purchase a home . I would recommend to save at least 3.5% or more for downpayment, closing cost, inspection, appraisal.

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
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Multimillion Dollar Sales Producer

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John Straub, Agent, Fort Worth, TX
Wed Sep 26, 2012
Hi Bryan
I think what you do now depends on your goals. If you are looking to build a new home, now is a great time to start looking. Construction takes 5-6 months and you can start the building process as long as you do not close until next April. If you are looking to buy an existing home, you will want to wait until next spring to get serious about searching for homes. Either way now is a great time to start interviewing realtors and mortgage lenders to build the team to help you purchase your new home. Please contact me and I will talk with you about your goals and help you set the plan to buy your home.

John Straub
Keller Williams Realty
0 votes
Tim Nystrom, Agent, Keller, TX
Wed Sep 26, 2012
You are on the right track. credit scores are good enough now for either a conventional, FHA, or VA loan. keeping your debts paid on time, and balances on credit cards below 30% of your limits, and you should be good to go when the time is right. if you happen to be a VET, you can qualify for a VA loan after 2 years with a previous foreclosure. There are also some local private lenders / local banks that will lend to you now at prime rates if you check out great by all other means. et me know if you would like a few referrals to consider buying now. regards!
0 votes
Amy Steele, Agent, Southlake, TX
Wed Sep 26, 2012
Yep just keep paying on time and then when you are a few months out I have a wonderful lender that I use to prqual with and we can get started looking at places. Fha will be a good loan because of the 3.5% down payment requirement. Take care and let me know if you need anything.
0 votes
Jeff Papsdorf, Agent, 48045, MI
Wed Sep 26, 2012
Sounds like you are on the right track. The scores are high enough already, FHA requires a minimum of 640. Guidelines keep changing as far as "time from" forclosures, bankruptcy, I would make contact with your loan officer now to be sure 3 years is the key. Keep paying eveything on time in the maenwhile and keep those balances below 50% of the limits and you should be all set.
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