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Looking for a 60%LTV after a forclosure

I have 40% down, great credit but was forced into forclosure due to family reasons (bank refused a shortsale because I was still employed). I have great credit otherwise (avg 710). My forclosure was only in my name so my wife is clean but has a much lower income. I'm looking in Washington State. Any suggestions... PLEASE by nssumm_998_842 from Jefferson County, Washington. Jul 13th 2012 Reply


Travis Torcoletti (travis.torcoletti)
#0 ranked lender in South Carolina - 372 contributions

When was your foreclosure? You typically need to be at least 3 years removed from it to do another loan no matter your other circumstances.

Jul 13th 2012
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,727 contributions

The question is how long has it been since the foreclosure... if it's been less than 3 years (2 years for VA) then there is no conforming program out there for you.. you will have to use Hard Money lenders. .relaxed restrictions and requirements, however really high costs and fees.. but there is a product out there for you... I'm a lender here in Scottsdale AZ and I only lend in AZ.. if you or someone you know is looking for financing options, please feel free to call me or pass along my information.. 480-287-5714 WilliamAcres.com

Jul 13th 2012
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Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 1,944 contributions

Until 3 years are up, you are going to be looking at a private money lender (hard money). If you are close to the end of your "penalty period, then I would start working with a local Mortgage Banker/Broker to get yourself in top shape. I don't recommend Private money because they are pricy and what happens if you can't finance out of the loan when the balloon maturity arrives? Once again you're toast. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com ~ 888-889-9950

Jul 15th 2012
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Paul McFadden (paul.mcfaddenmortgages@gmail.com)
#42 ranked lender in Washington - 45 contributions

You have some good answers here. Pick a local lender. The process will go much smoother for you. Thanks and good luck!

Jul 13th 2012
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Linda Wintersteen (Linda123)
#62 ranked lender in Arizona - 1,256 contributions

i can offer you private money financing.. but it all depends on the loan amount.. please email me at yourloanpartnerforlife@live.com

Jul 14th 2012
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