Profile picture for brogdonjill0

Am I eligible for down payment assistance?

I live in Denver and went through foreclosure in 2010. I was told that I would most likely qualify as a first time home buyer for an FHA loan and possibly down payment assistance. Is this true?

Thank you!
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April 22 2013 - Denver
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Answers (8)

Best Answer
The FHA wait period after foreclosure is 3 years from the date the property was deeded out of your name. Assuming that you have already met that wait period, I would check your state and certainly local resources for down payment assistance. You will find some $'s. There is nothing in the FHA guidelines as it relates to a prior foreclosure that prevents you from accepting down payment assistance. You go girl!
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April 22 2013
There are several down payment assistance programs that you may qualify for.  Some are county or city specific.  Where are you wanting to buy?  CHFA and HOPE are two of the larger programs.
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April 23 2013
Profile picture for wetdawgs
No assumptions were presented, just things to consider. Perhaps I hit a raw point with the considerations. Only you know why.
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April 22 2013
Profile picture for brogdonjill0
Thanks for your thoughts Wetdawgs, however, without knowing my circumstances, I think you are a bit premature in assuming that I have no savings OR that my foreclosure was the result of my lack of ability to pay. I simply attempted to re-finance my loan and ended up getting foreclosed on. As someone in the mortgage/real estate business  you have surely been made aware of the National Mortgage Settlement and the Independent Foreclosure Review. This settlement is as a result of the banks' illegal robo-signing. 

If you must know, I am a widow with two kids. This was our family home. Do not assume that my ability to pay was a direct cause of the foreclosure.

Incidentally, success is exactly what I am planning for. Why not use all available resources?
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April 22 2013
Profile picture for wetdawgs
The qualifying factors for down payment assistance may include maximum  income level and several other factors.   But, the big question is are you really ready to buy if you don't have a down payment, closing costs and emergency fund?    The lack of those savings is correlated with issues in keeping the house in the long term.  Why not plan for success?

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April 22 2013
Profile picture for brogdonjill0
Thank you gentlemen!
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April 22 2013
Hello, Yes you would be able to obtain a mortgage. As far as down payment assistance you have to have foreclosed a minimum of 3 years ago to the date of application to qualify. If you would like more information feel free to contact me and I would be more than happy to assist you. Thank you!
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April 22 2013
You would want to check with a lender that serves your area as to whether you would qualify for a loan after foreclosure.

Down payment assistance programs are usually either city, county or state based and have specific rules as to who may qualify. Once again a lender that works in the Denver area would be able to answer that question. Out of state lenders may not be familiar with these kinds of programs.
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April 22 2013
 
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