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Options after foreclosure? Excellent credit.

Looking for a loan with a foreclosure on record, 3 years ago in August. We would like to purchase before the end of summer vacation though. Excellent credit, skin and a Realtor. Owner-finance is limiting on choices. Do I have any option here, co-sign? by rttwilli310 from Pearland, Texas. Jun 22nd 2016 Reply


I can help and give you great rates, call me 281-833-9424. Brian with NRL Mortgage

Jun 22nd 2016
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Ivan Diaz (IvanDiaz)
#1 ranked lender in Texas - 24 contributions

Here the guidelines for you to see:CONVENTIONAL - 7 YEARS FROM DATE OF TRUSTEE SALEFHA - 3 YEARS FROM DATE OF TRUSTEE SALEVA - 2 YEARS FROM DATE OF TRUSTEE SALEUSDA - 3 YEARS FROM DATE OF TRUSTEE SALEIf you would like to buy before end of summer, there are plenty of Portfolio/Private lenders out there. Shopping these lenders is not as easy as your typical mortgage above so you have to either rely on a mortgage professional or make a lot of calls. Pricing isr no where near the 3 yr low mortgage rates. You may just want to wait til the 3 anniv date on an FHA. You can call me and I can get you started but you can't close til after the anniv date. A co-signer will not help.

Jun 22nd 2016
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Todd Glassman (Todd Glassman)
#1 ranked lender in South Carolina - 111 contributions

There are programs out there to help you in your purchase! Call Chad at our Dallas office at 919-412-3122

Jun 22nd 2016
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,917 contributions

More info needed.. FHA allows for a new home after 3 years.. but for conventional financing, you need to wait 7.. The mandatory waiting periods start from the date the property was transfered out of your name.. not when you moved out.. so keep that in mind.. for VA financing (must have VA benefits), it's 2 years, but most lenders will make you wait 3.. Understand that FHA is limited to a maximum LOAN amount of $271,050 for most of the country.. You can purchase a home for more than that, but that's the maximum you can finance. As far as cosigners.. they only help if you have limited income.. not if you have credit deficiencies.. 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

Jun 22nd 2016
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Jason Hutton (jason.hutton@nrlmortgage.com)
#134 ranked lender in Colorado - 8 contributions

I can definitely help you. I would definitely suggest finding a family member to co-sign for you. This will make it possible for you to qualify for the loan. Consistent employment for the last 2 years is also a must have in order to get qualified. However if you have both of these. There is a good possibility of getting a loan for the purchase. your rate could be a little high but you can Refi after a year. Contact me if you have any more questions. Take Care, Jason

Jun 23rd 2016
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