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Buying after foreclosure?
Four years after suffering foreclosure I have decided I hate renting and want to buy again. I have found a house that has interested me and due to fear after the foreclosure I want to buy well under my means. The house needs repairs but nothing to awful, the main repair needed is plumbing. The house cost $30,000 asking price and I am figuring $15,000 in repairs. My income is $40,000 a year and have $10,000 to put down. Is there a snowball's chance in hell to get a mortgage loan?
3 Answers
- Glenn SLv 79 years agoFavorite Answer
Having a foreclosure on your record would not keep you getting a FHA insured real estate loan. Waiting period after a foreclosure for FHA is 3 years, 7 years for a conventional loan. If you have brought your credit score up to at least 620 and have little other debt you should be able get a FHA loanI.
Contact a couple of "direct lenders" in your ares and they can tell you and they won't charge you for the pre-qualification. I'd also check with GMAC and Quicken Loans.
- Anonymous9 years ago
Yes there are a chance for you to get a FHA loan. however the details of your circumstances will determine how easy or hard it is to get a loan. How long ago was the foreclosure? Where about do you live? How long did you make house payments for? Those questions will help determine the likelihood.
If it was longer than 3 yrs ago then there is a greater chance as oppose to less than 3 yrs ago. A foreclosure can stay on the books longer than you think depending on what type of foreclosure it actually was.
Source(s): http://www.mortgage360.org/fha-loan/ - glennLv 79 years ago
Banks hate to make loans that small- they make almost no profit on them. Also if it needs that much repair they probably don't want to make a loan of it, because those repairs will probably be very serious and prevent them from selling it quickly if you default. You will have a better chance of buying if you can get at leaset a 100,000 loan and qualify and get a house in good shape.
