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Hi! I have good credit.....684, a foreclosure last year, can i get a loan? tx larisa

Foreclosure last year. I have a property since 1996 and never late on a payment....will be paid off in 7 years. Have an excellent, steady income. Credit card PIF each month. Have a car payment of 400 a month. Have 50,000 for a down payment. Credit score 685. Can I get a home loan? Thanks, Larisa.

  • July 08 2010 - Monterey
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Answers (4)

No not until FHA guidelines allow it which is 3 years from the date of the foreclosure date.

  • July 08 2010
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Larisa, not sure if your comment about paying something off in 7 years is referencing the foreclosed property or another home you own.

In any case, FHA is currently the most lenient with regards to financing a home after a foreclosure. The current guideline mandates you wait at least 36 months from the date of the foreclosure sale before you'd be eligible for an FHA loan.  Fannie Mae has made some recent announcements that may allow some borrowers to qualify after 3 years but I wouldn't count on that.

Start working with a lender about 6 months prior to the 36 month mark so you can fine tune anything else with your application scenario so you are good to go when the time is right.
  • July 08 2010
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Larisa,

You will have to wait awhile. Unless the guidelines change within the next year or two in terms of lending guidelines you will have to wait 3-5 years before you can qualify for a home loan.
  • July 08 2010
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Unfortunately not.  You must wait at lest 2 years from the date of that the Foreclosure was charged off and closed.  In your case, you will have to wait the 7 years that you will need to pay it off, and then an additional 2 years before you would be eligble for a mortgage.  Your credit score does not play a part in this unless it was very bad, in which case you would need to work on rebuilding. 

You should also check with a lender in your own state to see if their qualifications are any different. 

Good luck!
  • July 08 2010
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