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Loan (Post-Foreclosure) in California

I had a foreclosure in July 2013. Since that time, I have improved my credit from 609 to 670, and I have enough funds for a 10% down payment. Are there any lenders offering a program to accommodate this? The new loan amount would be for $520,000 by WMTM71273 from Roseville, California. Sep 10th 2015 Reply


Demir Bracic (Bracic)
#1004 ranked lender in California - 7 contributions

Yes. There are programs available that will allow you to get into a home 2 years after a foreclosure. They're not the easiest, but they are doable. If you'd like to know more about them, please call me Demir, at 949.276.8526 or you can email me at dbracic@skylinehomeloans.com.

Sep 10th 2015
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Ray Fisher (ray@ourcovenant.com)
#1013 ranked lender in California - 5 contributions

Yes there is, I might have a product for you in this regard, you can contact me at.877-420-5550Ray FisherMortgage Consultant | BrokerCalmortgage (a division of Covenant Mortgage & Realty Inc.)23272 Mill Creek Dr. Ste 340Laguna Hills, CA 92653Office: 714.608.5930Email: ray@calmortgage.net

Sep 10th 2015
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Our office is here in Rocklin near Roseville. CLA Loans. Please give me a call at 916-538-4006. Victor Presinal. Victor@claloans.net.

Sep 10th 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,933 contributions

When you have a foreclosure, then depending on the lending program you apply for, each one will have a mandatory waiting period requirement.. For FHA, it's 1 year or 3 years depending on your specific scenario. However, FHA has maximum loan limits as well. and for Roseville CA, it's $474,950, so your loan amount is high for their guideline, so you might need to look for a lower priced home or come up with more down payment.. For conventional financing, you need to wait 7 years.. there are some "Portfolio" loan programs, but think of them as "Hard Money".. high rates, high fees, and much larger down payment requirements.. if you want to know for sure what you would qualify for, then the best advice I can give you is 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 NMLS# 226347

Sep 10th 2015
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Jesse Stroup (jessestroup)
#199 ranked lender in California - 591 contributions

You have a few loan options, the first might be the most difficult as you will have to explain the "Extenuating circumstances" as what lead you down the path of foreclosing. That loan is a conventional mortgage loan, the main guideline is a waiting period of seven (7) years after the completion date of the foreclosure. If you can get an underwriter to except your extenuating circumstances the wait time drops to three (3) years at a max LTV of 10% (That means you have to put down 10% as a down payment). The second options is a FHA home loan, the foreclosure guidelines are more relaxed. The waiting time is three (3) years for the completion date of the foreclosure. After that it's normal FHA guidelines; you can put down a min of 3.5% down payment or more. Jesse Stroup California Mortgage Professional www.californiahomeloanlender.comNMLS# 6229

Sep 10th 2015
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Dan Paladin (dpaladin)
#1 ranked lender in California - 433 contributions

Hi, as mentioned your county limit for FHA is $474,950 so that would put you in a jumbo loan category. I do have programs that will work for you. Please feel free to contact me at 877-369-4319 to discuss in more detail. You can also contact me at dan@loansbydan.com. Regards

Sep 10th 2015
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Mark Hemingway (SFSLend)
#1 ranked lender in Colorado - 569 contributions

Your best option will be to look into an FHA loan. Your credit score is much higher now but FHA will still price the best with that score. Also with FHA you can qualify if you have extenuating circumstances. Not easy to qualify but I have completed several transactions just this year under the "Back to Work" program. If you lost your job that resulted in a loss of income that meets the current FHA requirements for Back to Work then you would qualify at least in regards to the length of your foreclosure. You should talk with a lender that is approved in your state.

Sep 10th 2015
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