Home Buying in Chandler>Question Details

lamar cervan…, Home Buyer in Chandler, AZ

what's the best way to buy a home again have a foreclosed home and some bad credit ? because of a bad divorce

Asked by lamar cervantes, Chandler, AZ Mon Apr 15, 2013

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I had a client who wanted to buy a home in Arizona, but he had a foreclosure. After researching the web I found a loan program at http://www.cfsflex.com, they allow a mortgage after a foreclosure. There is no waiting period. Good to see lending options coming back.

Visit http://www.cfsflex.com for more details.
1 vote Thank Flag Link Tue Apr 23, 2013
thank you so much for the information i will look into it.
Flag Wed Apr 24, 2013
Good morning, you really need to call a lender about this question. If you need some lender names, please contact me. Make it a great day.
1 vote Thank Flag Link Mon Apr 15, 2013
Hi Angel
Yes, you definitely should speak to a lender to get an assessment of where you are today and what you'll need to do so you can buy a home down the road.

Any time you have a foreclosure there is a waiting period before you can apply for a new loan, This time could be anywhere from 3 to 7 years depending on the program.

In addition, you need to have re-established good credit during that time. This likely means that collections and judgments should be paid off and you have at least 3 lines of credit reporting to the credit bureaus with at least a 1-2 year history on them and no late payments in the last 12-24 months.

Foreclosure, regardless of the reason, is a serious derogatory credit item and a lender is going to want to make sure that this was an isolated incident as opposed to a pattern and they will want to make sure you are on very firm financial ground before extending you a mortgage.

Hope this helps and best of luck to you!
1 vote Thank Flag Link Mon Apr 15, 2013
thank you for the information
Flag Mon Apr 15, 2013
Speaking with a lender who can work with your specific situation to help you is definitely a great first step. They can help you plan & take actions to get on the right track. In addition, if your house has not foreclosed yet - you may have options to either short sell your home due to your hardship (divorce) which would demonstrate your willingness to deal with the situation jointly with the bank. Some folks have now been able to repurchase much faster with this approach.
1 vote Thank Flag Link Mon Apr 15, 2013
Have you spoken with a lender regarding your credit situation? they would be able to let you know if you could qualify for a loan. If you aren't able to get financing with a traditional lender you could consider a seller carry back loan
1 vote Thank Flag Link Mon Apr 15, 2013
not yet just tying to figure out whats the best way to get back on track
Flag Mon Apr 15, 2013
The bets way will be to re-establish your credit and then save some money for a down payment. Most loan programs call for it to be 2 years after your foreclosure.
1 vote Thank Flag Link Mon Apr 15, 2013
its been 3 1/2 years since i lost the house i just checked my credit its 640 and i have some bills to take care of i have tried to re-establish credit only find out that its hard to get anyone to give me a second chance
Flag Mon Apr 15, 2013
Dear Angel:

No one here in this open forum will be able to answer. You will need to talk to a lender to review your current credit situation. It is the only way.

Other options?

1. Seller Carry financing if you have a down payment
2. Cash
3. Get a family member to co-sign for you.

Jeffrey Masich, Realtor, GRI, MBA
HomeSmart
Arizona homes and land for purchase or sale
http://ArizonaHomesLand.com
JeffMasich@ArizonaHomesLand.com
480-556-0940
0 votes Thank Flag Link Mon Apr 15, 2013
If you have 15-20% for down payment check you the "U-pick" program with Arizona Seller Financing.
http://www.ArizonaSellerFinancing.com
0 votes Thank Flag Link Mon Apr 15, 2013
Dear Angel,
I've got to add another voice to the chorus here. Your first step is to meet with a reputable Lender and assess your current credit score and overall financial situation. I'm happy to provide you with names and contact info with several good Lender's. Just give me a call.
Regards,
Jeff Gerber ABR, GRI, SRES, REALTOR
The Empowered Team LLC
3370 N Hayden Road, Suite 123-119
Scottsdale, AZ 85251
http://www.jeffgerberrealtor.com
602-330-7272
0 votes Thank Flag Link Mon Apr 15, 2013
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