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Are there any 80/10/10 loans out there for those with bankruptcy and foreclosure?

How long would I usually have to wait after bankruptcy discharge and foreclosure to apply for one?
  • April 10 2014 - Minneapolis
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Answers (6)

If this home was included in the bankruptcy then we go off the BK discharge date. We don't care that the house foreclosed b/c the debt was released from the BK. However, we will follow the guidelines for a BK.

CHAPTER 7 BANKRUPTCY WAITING PERIOD
*Conventional- 4 years (minimum credit score 620)
*VA- 2 years (minimum credit score 550)
*FHA- 2 years (minimum credit score 550)
USDA-2-3 years (minimum credit score 550)

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  • April 13 2014
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If all else fails, with 10% down payment, I have an option for you to purchase (not refinance) any home using a contract-for-deed.  Contact me about the CD10 program.
  • April 12 2014
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Yes but you have to be quite a while past the BK or Foreclosure. Here are the guidelines -

No foreclosure, deed-in-lieu of foreclosure, short sale or "real estate account paid for less than full balance" within the last 5 years            

No BK filing within the last 8 years - the filing date is used
  • April 11 2014
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There are lenders that will help you.  There are considerations if the BK had certain circumstances.  There are 80/10/10 and 80/15/5 available but you may have to work on your FICO score first.  Call / email if you have more questions.
  • April 10 2014
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Guidelines vary from lender to lender, but a foreclosure generally requires 4 years or more for conventional loan approval from the sheriff sale date.  The 2nd mortgage lenders usually do not get repaid their loan balance on foreclosures, so having one in the past is a red flag for 2nd mortgage underwriting.  Some of the banks that do 2nd mortgages for our clients will not allow a foreclosure on record, regardless of how long ago it was.  

Many banks are now offering 2nd mortgages to 90% of the appraised value/purchase price, and some will now go to 95% of the appraisal/purchase price.  Your loan officer should review the various options with you based upon your criteria and should offer the option of an 80/10/10 if permitted.
  • April 10 2014
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It depends on how long ago the BK's and foreclosures were from.  There are options for 80/10/10 out there.  Contact a couple local mortgage lenders directly.
  • April 10 2014
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