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Can I get a loan?

I had a foreclosure with a deed transfer date 2 years ago, my credit score is fair/average. Is there a loan out there with 15% or less down? by jj.bbs785915 from Jacksonville, Florida. Jul 5th 2017 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 7,874 contributions

More info needed, but in general, there's only 2 "Conforming" loan programs which would allow you to purchase. The first is a VA loan.. guidelines require a mandatory 2 year waiting period.. but most all lenders will make you wait 3 years.. and you must have VA benefits available to you.. The 2nd program is FHA's "back to work" program. This program allows you to purchase 12 months after a foreclosure.. but the guidelines are very strict.. you need to prove that you had a financial hardship and that yo had at least a 20% reduction in income or an increase in expenses and as a result of this hardship, you lost your home.. if your foreclosure was "Strategic" then, you will need to wait 3 years for FHA, and 7 years for conventional. I'm a preferred Lender with Arizona and California 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

Jul 5th 2017
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