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A home was foreclosed on me in 2012. How long do I need to wait until my credit will rebound? I am looking to purchase a new home again but want to be able to lock in the lowest rate possible.

by lala915 from Boston, Massachusetts. Mar 28th 2018 Reply


Fha loan 3 year to do new home conventional normal 7 years to do loan call me discuss 508 802 0935 Rockland Trust Robert Oliveira

Mar 28th 2018
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Steven Karp (stevek81)
#29 ranked lender in Massachusetts - 131 contributions

Hello Lala, yes with an FHA mortgage the wait would be 3 years....On a Conventional Mortgage the wait would typically be 7 years unless you can prove and document some extenuating circumstances such as medical illness or death of a family member...but you can definitely do something now. FHA requires 3.50% down payment and that can be a paper trailed gift from family...feel free to email or call at anytime. Steve Karp

Mar 28th 2018
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,360 contributions

More info needed, but in general, FHA is 1 to 3 years, VA is 2 years, USDA is 3 years, and conventional is 7 years.. The start date is when the home was transferred out of your name.. so, it looks like you could qualify for everything but conventional. Understand that FHA has maximum loan amounts which are lower than conventional.. also, in addition to meeting the mandatory waiting period, you will still need to meet all other eligibility requirements.. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Mar 28th 2018
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,232 contributions

Keep in mind that interest rates are trending up and by waiting you might end up with a higher rate than by moving ahead with a FHA loan soon.

Mar 29th 2018
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