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What kind of mortgage do I qualify for with a foreclosure and a bankruptcy?

family had a foreclosure and 2 bankruptcies in 2012. Our income is now $135k, credit is in the 700s and a down payment of 15%-20% by lship807 from Los Angeles, California. Oct 31st 2017 Reply

William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

More info needed, so if you reach out to me, i'd be happy to advise.. If you were already in foreclosure when you filed BK, then you would qualify now for an FHA loan, which for LA County CA, the maximum loan amount would be $636K. Loan limits vary by the county you are looking to purchase in, so let me know where you are looking and I can let you know what your maximum loan amount would be. If the home was not in foreclosure at the time you filed BK, then you would qualify now for Conventional. With conventional, the loan limit would be the same as FHA, but if you put 20% down, you do not have to pay a monthly mortgage insurance premium.. with FHA.. it doesn't matter how much you put down, you will pay MI... I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Nov 1st 2017
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