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our home was foreclosed on in 2011 how soon can we buy again?

We are in proper financial standing, with good credit scores and joint income of 85K per year by gladys.rhodes9863728 from Tallahassee, Florida. Jan 29th 2014 Reply


Jamie Lynne (nationwidelenderforyou)
#140 ranked lender in Texas - 576 contributions

When in 2011 was the property transferred out of your name? Let's discuss your loan scenario in more detail. Contact me at 800 315 8803. My name is Jamie and I have been in the mortgage business since 1989. I am happy to answer your mortgage questions, 7 days a week and review your loan scenario. Until then, I look forward to hearing from you. Jamie Lynne - www.bartprequalifies.com - email Jamie@bartprequalifies.com - 800 315 8803

Jan 29th 2014
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Craig Prickett (cpmtgnow)
#159 ranked lender in Florida - 97 contributions

Yes, its appears that you can purchase. Likely with a FHA loan but need to speak to you to get more details. If you have 85k in income you likely will qualify for 3 times that. Up to approximetly 250 to 260k. What would you like to buy. Caliber Home Loans is a Full Service LENDER ... We are not a Correspondent Lender and we are not a Broker.. We approve and keep all of our loans and do not sell to Wells, Citi, Chase etc. We securitize directly to Ginne Mae for Fha and Fannie Mae for Conventional.. This is the best for you . Call me at 954 558 4430 or visit my web site for more info www.firstfloridafin.com

Jan 29th 2014
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,240 contributions

As long as your previous mortgage was not FHA, that option should be available to you as long as it has been 3 years since the sherriff sale; if it was a FHA mortgage there is a bit of background research we'd need to do. Watch your other debt, including credit cards - the required min monthly payment for all cards with a balance is usually counted against you, even if you pay them off monthly, and can reduce the amount you can borrow. I can help: pdumouchel@primelending.com or http://pdumouchel@primelending.com Also check out my blog on this site, "First Steps"

Jan 29th 2014
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,240 contributions

PS. If either of you happens to be eligible for a VA loan you may have additional options as those loans are typically a bit more flexible.

Jan 29th 2014
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Ralph Richard Guertin (ralph@absolutelowrates.com)
#2 ranked lender in Florida - 794 contributions

Hi Gladys, for conventional this year, for VA you are already eligible....I can figure out the exact date we can start the application process, call me asap so we can go over Ralph Guertin 954-274-7725 or email at ralph@absolutelowrates.com

Jan 29th 2014
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Linda Burek (lburek)
#138 ranked lender in Florida - 25 contributions

Hello Mrs. Rhodes, You can get an FHA Mortgage 3 years after the discharge date of your foreclosures. I have been doing mortgages for 25 years and if you would like to discuss this me further and/or have me pre-approve you for a mortgage please call me at 727-460-9418. I pride myself on my service and personally handle all my loans so you will not get passed around from person to person. I'm a member of the Florida Assoc. of Mortgage Professionals. Best Regards, Linda Burek, First Choice Mortgage.

Jan 29th 2014
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,707 contributions

There are different programs, but the one which would allow you to purchase right away would be FHA's "Back to Work" program. Under this program, you have to document you had a minimum of 20% reduction in income and it was that reduction which caused the foreclosure.. you also must have sufficient credit scores, and cannot have any 30 day late payments on ANY obligation in the past 12 months.. This program would be ideal if you have not met the mandatory 3 year waiting period for FHA after a foreclosure.. if it has been 3 years or more, then you do not have to use the "back to work" program.. Understand that FHA uses the date the property was ACTUALLY foreclosed.. not when you walked away or handed the key's back to the bank.. the lender will look at the deed to the property, and use the date it was transferred out of your name as the starting date for the mandatory waiting period.. 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

Jan 29th 2014
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,915 contributions

For most people, you really need to wait three years after the Sheriff Sale date. There are some exceptions, but most are very difficult to get. Contact a local mortgage broker in your area. Give them a full application, and let them tell you your options. In MN and WI, visit www.Minneapolis-Mortgage.net

Jan 30th 2014
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