Foreclosure?
Question:
Answer:
A year ago I'd have said "yes". But due to all of the forclosures you don't stand a chance without a good credit score. And it appears your credit score will not handle a loan at the present time. I am sorry.
federal law mandates that you are eligible for another home loan 24 months after your foreclosure.if you can get the financing.
I know this because my son is being foreclosed on currently and I have consulted with our "Licensed Real Estate Agent"
Good luck
In the real world if you have a f on your credit record you have a 1% chance.lets keep it real.
There's always a chance, but you have a better shot at being hit by lightning.
I have been working specifically with clients like you for 10 years and you can get a mortgage, regardless of your credit, if you have enough income (45% DTI) and a large down payment (25%-35%). If the home you are purchasing is under priced, you may not need the down payment. Example: if the home appraises for $100,000, but you are buying it for $70,000, you may qualify for a smaller down payment. Expect to pay a 12%-15% interest rate. Alternatively, you can wait until your credit has improved (650 fico) and a little time has passed (12 mo) and you could qualify for a 90% LTV loan at 8%-9%. Keep in mind, most places will just turn you down, because it's a lot of work to get a loan like this approved. You'll need to work with a special foreclosure or hard money lender; someone with more experience with clients like you than your average bank or mortgage broker. Good luck, and I hope this helps!
Yes you can - check out
http://www.hud.gov
http://www.fha.gov for the guidelines
http://www.bankrate.com
http://www.fanniemae.com
http://www.freddiemac.com
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