2007-07-21 07:39:35 · 7 answers · asked by Scaredmt 1 in Business & Finance ➔ Credit
You need to have 4 good lines of credit (1000 dollars plus). If your home was an FHA they wont do it for 3 years. If it was any other type the standard for Fannie Mae Freddie Mac is normally 4 years. This is all assuming you have perfect credit since your foreclouser.
FHA if will actually do your loan in 1 year if you have done the above and had a good reason for the foreclousure (assuming you didnt have an FHA loan, then its 3). Such as medical or maybe you lost a job for some reason. It will have to be manually underwritten and all FHA underwriters at every company will have their own issues. So find a good broker that can call 10 FHA underwriters and have them all look at it. 9 might say no but you just need 1 to say yes. Fannie Mae or Freddie Mac dont even try it for a 2-3 years.
2007-07-21 08:00:10 · answer #1 · answered by financing_loans 6 · 1⤊ 0⤋
Yes, you can, and it won't take as long as you think. Just make sure you:
1) Have a PERFECT rental history
2) Have a solid job history
3) Have PERFECT credit since the foreclosure.
If you do all of these, you should have no trouble, in 4 years, walking into an A-paper lender and getting a very, very competitive rate on a loan. If you maintain 4 lines of credit, your score should be back near 700 or just over when the time comes.
Meanwhile, don't fall victim to subprime lenders who can promise you a loan one day out of foreclosure...unless you want to lose another house.
Good things come to those who wait.
2007-07-21 15:49:14 · answer #2 · answered by Expert8675309 7 · 0⤊ 0⤋
Your credit history took a serious hit with a foreclosure action. Don't expect another lender to come calling, offering you another loan, when you defaulted on one already.
Eventually, your credit file will improve to the point where you can purchase again, but I'd not count on that for seven to ten years.
2007-07-21 14:43:27 · answer #3 · answered by acermill 7 · 0⤊ 0⤋
The best thing you do is go through Credit Repair Try http://www.creditbureauexperts.com than can try and get your collections, foreclosure or anything negative off your credit this is highly effective i know because i have had hundreds of clients come to me for a loan and then go through this and 6 months later get them approved
If you do not do this you can wait 2 years according to Fannie Mae and FHA and you might be able to purchase then if you have established new credit but the fastest way is credit repair if you would like to do this and then try to get a home loan please call me at the # in my profile and i would be glad to help ! Best of Luck!
2007-07-21 14:46:46 · answer #4 · answered by Kristyw/h American Home Mortgage 1 · 0⤊ 2⤋
There is probably a number of companies who would help you get into another house. Of course they will have totally outrageous fees attached to their service, will hook you up with a mortgage company that will charge an unbelievable interest rate and I guess if you can afford all that then yes you can probably purchase another home.
2007-07-21 14:58:59 · answer #5 · answered by LEC 4 · 0⤊ 0⤋
Not for a long time...Do you know what your judgment is yet (the balance between what the house sold for and what your loan amount was). The quicker you pay that amount off the better your credit will be.
2007-07-21 14:42:55 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Not for a long time if ever. Foreclosure is the worst possible thing for your credit.
2007-07-21 20:05:17 · answer #7 · answered by Anonymous · 0⤊ 1⤋