are there any lenders that will pre approve a loan less than 3 years after a forclosure?

Asked by Tina Provost, Florence, OR Tue Mar 6, 2012

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Wed Mar 7, 2012
If there was an extenuating circumstance, FHA will allow you to purchase a home two years out of foreclosure.

An extenuating circumstance is usually defined as the death of a primary wage earner or a major medical condition that impairs your ability to work.

Outside of the above situations, you'll need to wait three years minimum. If you're purchasing a home using conventional financing (Homepath included), you'll need to wait three years MINIMUM even with an extenuating circumstance, four years otherwise.

Private money/portfolio lending has it's own set of rules but generally these banking institutions will have similar guidelines but there's always a chance you can find a bank who's more aggressive, you'll just have to look long and hard for one.
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Melina Tomson, Agent, Salem, OR
Tue Mar 6, 2012
The only way you might find a lender to do that for you is to find one that holds their loans. You can call your local banks and ask if they "portfolio" their loans meaning they don't sell them on the secondary mortgage market. Since these lenders hold their loans internally they aren't subject to Fannie and Freddie guidelines.

Honestly though, unless you have some severe hardship that caused the foreclosure, it is doubtful. Washington Federal is one lender that portfolio's their loans.
1 vote
Kawain Payne, Agent, Seal Beach, CA
Tue Mar 6, 2012
Hello Tina,

I think you will have a hard time getting a mortgage loan so soon after a foreclosure. In most cases it can take 7 or more years after a forclosure before you can get a new mortgage.

Kawain Payne, Realtor
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