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Mortgage loan options 3 years after foreclosure?

Hi, my husband and I have credit scores in the 800's. We have always had a history of excellent credit but 3 years ago because of the housing crash ( we sell tools for construction) our income dropped drastically and we were no longer were able to pay our 7K monthly mortgage. We were wondering if we would be able to obtain a conventional mortgage 3 years after the foreclosure or would we only qualify for FHA? We would like a loan of about 400K. If we could obtain a conventional mortgage what would the down payment requirement be?Thank you, by jfkinp_784_565 from Chalfont, Pennsylvania. Sep 29th 2011 Reply


Glenn Main (gmain07)
#41 ranked lender in Maryland - 10 contributions

It depends on various compensating factors and most conventional lenders want at least four years out of forclosure.

Sep 29th 2011
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

Conventional guidelines will allow 3 years with extenuating circumstances, however good luck finding a lender who will do it.. your best bet is FHA... Loan limits for most of PA is $271,050 for a single family home... WilliamAcres.com

Sep 29th 2011
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Jeff Cost (midwestlender)
#39 ranked lender in Ohio - 164 contributions

At this point it sounds like FHA is the only form of traditional bank financing. However there are alternate forms of financing available to you and pleanty of private money investors eager to lend. I would be more than happy to discuss these options with you. ENG Lending, A Division of Bank of England, always puts your best interest first. We would appreciate the opportunity to serve you. Please visit us at www.cincinnatimortgagerate.net. You will soon find that we are so much more than a Mortgage Banker; we are a company that is dedicated to empowering our clients and referral partners. Don't forget to visit our Facebook Fanpage at http://www.facebook.com/pages/ENG-Lending-Cincinnati/171183536269710#!/pages/ENG-Lending-Cincinnati/171183536269710?sk=wallOr Call Anytime 513-403-6260

Sep 29th 2011
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