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Asked by ramarkstrom, Portland, OR Fri Apr 26, 2013

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Answers

6
Russ Douville, , Saint Paul, MN
Thu May 2, 2013
I'd have to say maybe.

First, I'm in MN, not Oregon, so you'll have to talk to a lender there.

I will say that I can't do a conventional loan withing 4 to 7 years of a foreclosure.

I can do an FHA loan after three years or if "the foreclosure was the result of documented extenuating circumstances that were beyond the control of the borrower and the borrower has re-established good credit since the foreclosure, an exception may be granted to the three-year requirement. Extenuating circumstances include serious illness or death of a wage earner, but do not include the inability to sell the house because of a job transfer or relocation to another area".

VA loans can be available 2 years after a foreclosure. There are benefits to serving your country that don't show up on recruiting posters.

Based on your circumstances you should be able to find a lender to do an FHA loan. Just be prepaired to hear some "no"s before you find that "yes".
0 votes
, ,
Tue Apr 30, 2013
3 years from the date the claim was paid for FHA.

Best,
Josh Marks
0 votes
Susan Hoffla…, Agent, Shoreview, MN
Tue Apr 30, 2013
Hi remarkstrom!
Have you talked to a lender about this situation? That would be the place to start. I know that the more conventional routes would be problematic, if not impossible to get you a loan. It's in your best interests to sit down with a mortgage person about this to make sure you've looked at all angles.

Good for you for crawling out of a bad situation! The collapse of the economy has hit us all hard. Congrats on the recovery~

good luck!
Web Reference:  http://www.homestosellmn.com
0 votes
Chris Block, , Saint Paul, MN
Mon Apr 29, 2013
For traditional financing the answer is no. FHA still requires 3 years to purchase a home. You can continue to look, but you will only keep getting the NO thrown at you. I should know, because I work with buyers coming out of foreclosure all the time.

Does not mean if you have a wife maybe she goes solo on the loan, or chooses to get a co-signer. The only people effected by a foreclosure are the ones who were on the loan.

You CAN STILL BUY a house however if you so choose. Contract for Deed financing would be perfect for you, and then in another year you refinance into FHA. Feel free to contact me directly with any questions.

Chris
651-307-7663
chris.block@imetroproperty.com
0 votes
Mark Bartiko…, Agent, Wayzata, MN
Sat Apr 27, 2013
I can put you in touch with a loan officer who can tell you exactly what you can do. You have the income and an excellent credit score. Let me know if you would like a couple mortgage names to talk to?
0 votes
ramarkstrom, Home Buyer, Portland, OR
Fri Apr 26, 2013
Also forgot to include cash down payment of 15%
0 votes
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