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If i have a foreclosure and bankruptcy 4 years ago, can I get a loan?

by shannaleephoto491 from Mesa, Idaho. 15 days ago Reply


Dan Paladin (dpaladin)
#1 ranked lender in California - 448 contributions

Some general guidelines are as follows:Conventional seasoning for FC = 7 yrs. BK-7 = 4 yrs., BK-13 2 yrs discharge 4 yrs dismissal.FHA seasoning for FC = 3 yrs. BK-7 = 2 yrs, BK-13 1 yr payment and court permissionUSDA seasoning for FC = 3 yrs BK-7 = 3 yrs, BK-13 1 yr payment and court permissionVA seasoning for FC 2 yrs. BK-7 = 2 yrs, BK-13 same as above.So based on your statement of 4 yrs ago...conventional would be the only program that you could not use yet. You would need to be a Veteran to use VA. For USDA property must be located in a designated rural area. Leaves FHA. Hope this helps.

14 days ago
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,044 contributions

The longest mandatory waiting period on conforming loans, (FHA, VA, USDA, Conventional) for a short sale is 4 years.. you are past that.. So depending on how much you have for a down payment.. and what sales price you are looking in.. the loan programs could vary.. Also, if you don't have much saved up for a down payment, then there should be some local grant programs which could help you with that.. (here in AZ we have several.. and I'm very versed in them.. ) The best advice I can give you is to contact a mortgage banker/broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with a Banker/Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the banker/broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the big box banks. 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

14 days ago
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