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If I was foreclosed on back in 2010, can I buy a home now?

I was foreclosed on in Feb of 2010 and I have built my credit back to the point to where I am interested in buying a new home. Are there any limitations when I have a foreclosure in my history? If so, what are they and when is the soonest I can buy a home? by walter_106_629 from Helena, Minnesota. Jan 16th 2012 Reply


Steven Brand (stevenbrand)
#3 ranked lender in Minnesota - 101 contributions

Great Question. Many people are in different SITUATIONS and the guidelines are all different depending on the TYPE of loan you may be able to qualify for. I sat down with all the guidelines from Fannie Mae, Freddie Mac, FHA, VA and USDA and wrote a great BLOG that has the "seasoning requirements" for each type of situation that many folks are in now.Follow this link to get more info: http://iloanminnesota.com/2010/11/02/waiting-periods/ and then contact me to help you with your EXACT situation.That specific link is the most viewed page of all our BLOGS from our branch. (I'm sure its not even close to as many HITS as Joe gets on his site... but it may be close)Quick answer... we could direct a loan to Freddie Mac or maybe with USDA depending on all the other specifics.

Jan 16th 2012
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,829 contributions

Lots of people make it sound like there are options, the reality is traditional leading requires three full years pass after a foreclosure before 99% of lending programs will even look at you.

Jan 16th 2012
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Terry Krueger (tboymay)
#16 ranked lender in Minnesota - 1 contribution

Your best bet is to go an see if you can get pre approved before going any further. If your debt to the bank was taken care of and your credit is good, I would see no reason you couldn't buy again. The approval process is much tighter now but it's possible yes. More than likely they are going to look for a 10 to 20 % down.

Jan 16th 2012
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Al and Cindy Lane (Al Lane)
#5 ranked lender in Washington - 38 contributions

Be very careful with anyone telling you less than 2 years from the date of foreclosure. In most cases it's 3 years and under SPECIAL cercumstances it's 2. Any questions you can call me at 360-901-1023.

Jan 16th 2012
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,506 contributions

It's 2 years if you go conventional with a minimum of 10% down, and extenuating circumstances. FHA required 3 years. WilliamAcres.com

Jan 16th 2012
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Aundrea Beach-Greco (aundreabeachgreco)
#6 ranked lender in Nevada - 30 contributions

That depends on what type of loan you seek...Currently for FHA the waiting period is 3 years from the trustee sale date. On a Conventional loan, the waiting period is 7 years. Otherwise there is Hard Money which can be costly and isn't for everyone, but you could buy now with 35% down.

Jan 16th 2012
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Tim Swierczek (TimSwierczek)
#24 ranked lender in Minnesota - 22 contributions

Hey Walter,They are both right. There is a 99% chance you will not be able to qualify for 3 years, however a few odd circumstances that may apply to you could change that. Even without those circumstances, If you are a vet you ,may qualify this May. Message me if you would like more information.

Jan 16th 2012
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Dan Eveland (daneveland)
#20 ranked lender in Minnesota - 15 contributions

Typically it's going to be 7 years for a conforming loan unless you have extenuating circumstances that be reduce this time period down to 3 years. FHA will allow you to repurchase 3 years from the date the foreclosure was completed and transferred back to the bank. I offer a Path2Buy program that tracks your progress on the way to re-purchasing next winter. Please call me at 763-202-7600 and learn how to get on the Path2Buy Program for free. Dan Evelandwww.whatisyouraddress.com

Jan 17th 2012
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Todd Tholl (toddtholl@leader1.com)
#4 ranked lender in Iowa - 239 contributions

3 years from the finalization date of your foreclosure, re-established credit & no delinquency since. Anyone that tells you otherwise is flat out wrong.

Jan 17th 2012
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Shon Atabaki (ShonAtabaki)
#51 ranked lender in Washington - 95 contributions

3 years at least unless you do something clever such as a "Subject To" purchase or have a huge downpayment & use hard money. Best of luck!

Jan 17th 2012
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Alan G Koole (alan.koole)
#23 ranked lender in Minnesota - 1 contribution

Here are the guidelines for conventional foreclosures: Home was given back to the bank - No owner participation. 7 years from the date foreclosure completed and transferred back to bank if they had NO extenuating circumstances. 3 years from the date foreclosure completed and transferred back with acceptable extenuating circumstances AND 10% down payment. Here are the guidelines for FHA foreclosures: 3 years from date foreclosure completed and transferred back to the bank. OR less than 2 years but not less than 12 months from the date completed and transferred back to bank may be acceptable if the result of acceptable extenuating circumstances.If you have any further questions, feel free to call me at 612-812-1023

Jan 17th 2012
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Bert Carpenter (BertCarpenter)
#38 ranked lender in Arizona - 1,819 contributions

Although there are many answers to your question, the reality is that both Conventional (Fannie/Freddie) and FHA are going to penalize you for the foreclosure. Conventional lenders that sell to Fannie/Freddie are going to hold you to a minimum of two years, and FHA is going to hold you to a minimum of three years. Depending on your credit, income and ratios, you may be eligible shortly. Contact a local Mortgage Banker/Broker, rather than one of the big banks. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. He/She will have access to loan products of many lenders, not just those of one bank, and can properly guide you. But more importantly, He/She is trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

Jan 17th 2012
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