2007-03-05 07:25:36 · 11 answers · asked by Lori D 2 in Business & Finance ➔ Renting & Real Estate
Hello Lori -
The lenders will want to see between a 24-36 month clean history since the foreclosure.
Make certain before you seek pre-approval or allow anyone to pull your credit, that you bring your credit card balances under 30%. For example if you had a $1,000 credit limit, pay it down so you only owe $300.
You also will want to have 3 months PITI which is simply 3 months worth of mortgage payments and taxes sitting in a saving or checking account. This you will want to be in your account for 60 days before applying for a mortgage.
Unless you have a retirement account which has a balance. The lenders normally will consider 75% of the total amount in a retirement account.
If you are a W-2 employee, that will help, although selfemployed will also work.
Please let me know if you have any other questions.
Kindest Regards,
Darren Meade
2007-03-05 18:47:28 · answer #1 · answered by Darren Meade 2 · 0⤊ 0⤋
Yes they do. The traditional guidelines ask that the Foreclosure is over 4 years old however there are more lenient lenders that allow for people to get approved even if they have just got out of foreclosure. Foreclosure is a housing history issue: if you have rent/mortgage checks that have been consistent since the foreclosure then you are re-establishing this housing history. The question really is, what are you comfortable paying for rate/fee wise?
2007-03-05 15:33:36 · answer #2 · answered by happybostonian 2 · 0⤊ 0⤋
Yes. Anything less than 2 years, and you're going to be paying significantly higher rates though. After that, it starts to open up somewhat. After 4 years, you should be able to get almost any normal conventional loan.
Provided, of course, that since the foreclosure, you have reestablished a good credit history on your normal credit card/car loan accounts, and have a SPOTLESS payment history on your rent. It's best to pay your rent with a check every month, so you can track those checks down if necessary to prove without a doubt that you paid on time (never more than 30 days late).
2007-03-05 15:33:00 · answer #3 · answered by Yanswersmonitorsarenazis 5 · 0⤊ 0⤋
Yes, many of them do ... however, your interest rate will be higher after a bankruptcy or foreclosure.
Here's some online information about getting a mortgage after going through a foreclosure:
http://www.thinkglink.com/Getting_A_New_Mortgage_After_A_Foreclosure.htm
2007-03-05 15:29:19 · answer #4 · answered by Bonny K 4 · 0⤊ 0⤋
Not often. Need to be a LONG time back, lots of good credit in the meantime, decent job and risk and a good down payment and you have a shot; if you have a good reason for it and you didn't leave anyone holding any outstanding debit
2007-03-05 15:29:10 · answer #5 · answered by wizjp 7 · 0⤊ 1⤋
It is hard to do, but not impossible. Contact me whenever you are available, and we'll give it a try!
513-860-2940 ext 10
msmith@premeirloangroup.com
2007-03-05 15:40:34 · answer #6 · answered by Martin S 1 · 0⤊ 0⤋
yes. you just need to give them some time... my parent's went bankrupt and got their house forclosed on when I was 14 and got another mortgage when I was 20...
2007-03-05 15:28:30 · answer #7 · answered by Some Lady 6 · 0⤊ 0⤋
It will not be easy to find one unless you have a big down payments.
2007-03-05 15:32:49 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Yes, you just have to find the right lender.
2007-03-05 15:28:23 · answer #9 · answered by its me 3 · 0⤊ 0⤋
yes they will see your past record and then give you the fresh ones
2007-03-05 15:42:55 · answer #10 · answered by Anonymous · 0⤊ 0⤋