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Buying after foreclosure in Northern Califonia with FICO of 620 for FHA Loan

I just found out that I may be able to buy agan and I got so excited. Now I am just really scared. I lost my home in 2008 and improved my credit enough to finally get some attention. But all that repair came at a cost:  I don't have very much to put down as a down payment or closing costs. I fell in love with a house for $249,000 and I make in the mid sixties. I would be buying by myself. So I need the lowest down payment possible.Every house here has two bids already on it. Am I making a mistake?
  • May 11 2013 - Oakland
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Answers (7)

Well you can get a loan with FHA with a 620 score. Not sure what you mean by "are you making a mistake"?

Regards,

Brynn

  • May 13 2013
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Good Morning,

You can buy utilizing FHA for financing 3 years after a foreclosure but you will need 3.50% of the purchase price in down payment.

Good luck!
  • May 13 2013
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You have to wait 7 years from the date of the foreclosure sale (3 years in certain extenuating circumstances, and then at least 10% down payment is required
  • August 18 2013
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You may qualify for a loan with your score and with FHA's Back to Work program, you may qualify sooner than 3 years typical waiting period. Talk to a lender for assistance.
  • November 23 2013
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Go with your gut on this.  
  • November 23 2013
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Hi Erin,

I have closed loans under the FHA Back to Work Program and would happy to discuss the guidelines and prequalification process with you. Feel free to contact me with any questions
  • December 26 2013
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I am in the process of purchasing a home. I filed Bankruptcy and it was discharged 01/05/2011. I have three foreclosures which the last transferred ownership on 07/26/2011. I have tried several bank but my own bank told me to call back in January 2014. I did and was credit approved. I was a bit nervous because it has not been three years from my foreclosure date yet. I should note that I included all my properties in the Bankruptcy. The bank told me to go ahead with my home inspection while they gathered documentation. I had to provide so much paperwork including the dates all my properties foreclosed. I was passed to three different lenders though my bank. I'm sure each one has a role in the loan process. My lender ordered an Appraisal of the property which I had to pay upfront and they ordered a insurance binder. The loan is about to go to underwriting for final approval. I asked my lender about the three year waiting period with foreclosures. He said he spoke to his underwriting and they said it was a two year waiting period. I'm really nervous because I'm wondering if my loan officer heard the underwriting correct. I'm hoping the underwriter wasn't thinking two years for a Bankruptcy. In any case I will find out hopefully by the end of next week.
  • January 31
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