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If we were in foreclosure but were able to sell our home before the foreclosure, that was over two years ago, can we get a loan?

by joannagne72 from , Oklahoma. Mar 10th 2015 Reply


William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,927 contributions

This is not an easy question to answer, and It depends on a lot of things.. we would need to see how the sale is reporting on your credit report.. Typically, if you were more than 90 days past due on a mortgage payment, then a lot of lenders apply FORECLOSURE mandatory waiting periods for these borrowers.. meaning your waiting period would be no different than if you actually were foreclosed on.. The conforming guidelines are very clear.. 12 months, but each lender can add their own rules above what conforming guidelines call for.. so it's possible you would need to wait longer.. The only way to know for sure would be to contact a LOCAL mortgage 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 your LOCAL 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 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 larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Mar 10th 2015
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Derick Condron (rightstartoregon)
#32 ranked lender in Oregon - 597 contributions

There are a lot of variables in the situation. More than likely if the foreclosure was recorded you will be held to the guides. That being said you were in a grey area as to how it will be reported. I would contact a local lender and have them take a look at your situation

Mar 10th 2015
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Nick Utesch (nick@valoansok.com)
#2 ranked lender in Oklahoma - 22 contributions

In many cases, with a VA loan, you can possibly look at purchasing another home if the late payments / foreclosure activity was over 2 years ago and the government didn't sustain a loss on the home sale. There are other factors involved, such as your current credit history, debt to income ratio and other underwriting options we also have to look at (all loans subject to underwriting review & approval). My name is Nick Utesch and I am a mortgage specialist with Progressive Financial Services Corp. in Oklahoma City. VA loans are a great majority of my business and we only work in the state of Oklahoma. I'd be happy to help you evaluate your options. You can call me at 405.308.4208. Thank you! Nick Utesch; NMLS ID #214427 / 216693

Mar 10th 2015
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