Foreclosure Wave
Has anyone had success getting a home loan after foreclosure?
The foreclosure finalized March of 2009, so it’s been over 2 years. We have a substantial down payment, good income, great credit (around 700 again!) but we’ve been getting the run-around with a few different loan companies. One group told us 40% down (last year) the most recent told us wait until the end of the first quarter of your third year of foreclosure…Which sounds iffy. Has anyone been able to get a home loan post foreclosure? I have to imagine that more and more people who are in the first wave of foreclosures are going to be ready to buy again shortly…I know that FHA is 3 years from foreclosure so we’re almost there, but if anyone has any other input, options, or a company that granted a loan recently, we’d love to know.
The normal wait time to purchase a house after foreclosure or bankruptcy is about 2-3 years.
You will find that banks and lenders are all about the same, as all go by the same guidelines when it come to the time frame about approving a mortgage for a person that has been through a foreclosure or bankruptcy.
Almost all your lenders sell your mortgage loan to a large investor as soon as your mortgage loan close.
The guidelines normally would indicate the wait time as well as rebuilt credit and an excellent credit score. You approval would indicate what would be your down payment. Putting more down would take away from your reserves and possible emergency funds.
I hope this has been of some benefit to you, good luck.
“FIGHT ON”
Foreclosure Relief Program Extends Deadline
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