Foreclosure question...?
Question:
Answer:
generally with foreclosure or bankruptcy you would have to be out of it for two years before you can try and get a new home loan. you will just have a higher interest rate than people who have not been in foreclosure. your down payment doesn't really matter all that much in relation to you having been in foreclosure
#1 IT all depends on when your discharge date was. #2 And if WITHIN two years the minimum is 10% down payment. # 3 if it was discharged MORE THAN two years ago it's 5% down payment. More importantly what's pending is..your credit score... has to be at a position where you're able to qualify. Good luck
Simple answer: Yes, 50%.
Your choices will be limited as to the lenders who will be interested. The fees and rates will be higher.
You are more likely to get a better deal from a private seller who will carry back seller financing or arrange a lease/option deal.
Or you should rent a bit longer until more loan programs are available to you (after 2 years, etc).
There are many suggestions if you want to consider alternatives.
I have been a mortgage broker for many years. Yes, you can qualify. How much of a down payment will depend on your credit score.(the middle of the 3 credit scores). Your middle score should be near or above 560-580. You will be looking at about 10% down payment. However, there is a new organization called the H.O.P.E. Network. H.O.P.E. stands for Home Ownership Program for Everyone. The mission of the H.O.P.E. Network is to RAISE YOUR CREDIT SCORES and prepare your credit profile to buy a home or a car, or to establish a business credit profile for new businesses or graduating students. You will be assigned a counselor who will work with you while you are enrolled. The counselor will use their expertise to ESTABLISH POSITIVE CREDIT ITEMS and eliminate negative items from your credit or negotiate them down or in exceptional cases, THEY WILL PAY THEM OFF. If you have lost your bank account due to NSF checks, the H.O.P.E. Network will provide you with a federally insured bank account while your credit is being rehabilitated. It takes roughly 3 to 8 months depending on your credit. There is a fee for the service. For more info contact wwi_2@yahoo.com
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