Home Buying in 85053>Question Details

Don, Home Buyer in Phoenix, AZ

is it posible or fesable for someone on disability retirement after one year out of forecloser to buy a home, ?i was not retired when was foreclosed o

Asked by Don, Phoenix, AZ Sun Mar 21, 2010

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5
I work with a lender that can loan again the day after a short sale or foreclosure with 25% down, six months of reserves, and only a 600 FICO. Give me a call to discuss.

Mario Micheli
Nextage Realty Professionals
480-440-0077
LinkedIn Profile: http://www.linkedin.com/in/hiremario
0 votes Thank Flag Link Sun Jul 14, 2013
I work with another lender with a similar program for Texas.
Mario Micheli
Nextage Realty Professionals
480-440-0077
LinkedIn Profile: http://www.linkedin.com/in/hiremario
Flag Sun Aug 4, 2013
It is possible - but not feasable -

Foreclosure is the deal killer.
0 votes Thank Flag Link Sun Mar 21, 2010
Hi Don
It is feasible, but not in the traditional way and not though the tradition lending institutions. Obviously cash is one way, lease purchase is another, or seller carry. Another way would be a hard money loan. All of these alternative ways require large down payments and will carry a bigger interest rate. The biggest reason that you will not be able to go the tradition way is because of the foreclosure, the disability or retirement will have nothing to do with it, but that foreclosure will.
Bill
Web Reference: http://www.billcdavis.net
0 votes Thank Flag Link Sun Mar 21, 2010
Dear Don:

Good question. This is difficult to answer without more details. There are hard money lenders that will lend with a sizeable down payment. Are co-signers available? Are you other debts clear? Cash reserves?

Many foreclosures these days, people walk from their homes even with cash reserves. So, would need to know more about your situation.

If I can answer any more questions I would be pleased to help you.

Regards, Jeff

Jeff Masich, Realtor®
Arizona Homes and Land
http://ArizonaHomesLand.com
480-556-0940
JeffMasich@ArizonaHomesLand.com
HomeSmart Real Estate
0 votes Thank Flag Link Sun Mar 21, 2010
Depends on your finances and how much of a downpayment--most lenders will not allow financing for another home after a foreclosure for as much as 1-2 years. Any qualified loan officer can best answer your question based on circumstances related to the foreclosure, current finances, etc.
0 votes Thank Flag Link Sun Mar 21, 2010
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