Q: We had bankruptcy in 2010 which included our house that was upside-down 300% in value, which resulted in the foreclosure. House was sold on the auction and title was transferred 07/08/13. We were told that we have to wait until 07/2016 to be able to apply for a home loan.We are maintaining FICO score of 723. Is there any way that we can do it before that since our lease keeps increasing every contract period and it expires 07/01/16. We would rather put that money towards our own home instead of paying for rent. (nedpol4)
nedpol4 - This is a common question many of us are seeing now - you're not alone. My understanding is that this is dependent upon which entity guaranteed your original loan. If Fannie/Freddie guaranteed the loan, then it is 3 years... and it's a hard 3 year limit so nothing before. Some lenders may note a special program... you should speak with a lender as they can be a wealth of knowledge about special programs for folks in your situation.
I think what most people are missing here is the bankruptcy aspect. Again, my understanding has been 7-10 years for a bankruptcy in order to qualify for a mortgage. You may be able to do it sooner and you may pay a much higher interest rate if that's the case. Find a good LOCAL lender that you can sit down with, go over your financials (including the bankruptcy filing), and you'll know the truth. Anybody here can only guess because we don't see the full picture. A local lender may have a portfolio product (kept in-house and not sold on the secondary market... so serviced by the local lender forever) that could meet your needs and you won't know if you don't meet with someone. Message board help can only go so far. Good Luck!
Author:Ryan Cook Phone: 508-524-1754 Dated: July 8th 2016 Views: 184 About Ryan: ...
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