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Home loan possible in Bay Area 2 years after foreclosure?

Hello,

I had a foreclosure on the home I owned in my name two years ago.  My husband and I are now looking to buy in Marin County.  He has great credit but we would need my income in addition to his to qualify for a loan.  Are there any lenders who would touch us two years after a foreclosure?
  • January 07 2014 - San Francisco
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Answers (8)

The best thing to do would be to talk to a private money portfolio lender.

A good place to start is to do a Google Search for a "Ca Bay Area Portfolio Lender"

Call a few after doing some research and looking on their profiles on Zillow and Yelp.  When you are comfortable give a few a call and give them the details of your current situation.

I hope this helps you.

- Jason Wheeler
  • September 28 2014
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Profile picture for Chris Fenoglio
Now is the time. We are getting new loan programs and more options everyday. The lender will want to look at why you had the short sale. Was it financial mis-management or was there a loss of job or some other compensating factors. Bottom line. You have options.
  • January 10 2014
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Profile picture for neatoroneeto
Thanks for all the responses--hubby and I will try to narrow down locations we'd like to move to and see about getting a loan.
  • January 09 2014
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Hello,

Yes, you can... We have an exclusive portfolio program that will allow you to buy again with no waiting period. The great thing is that this loan was designed for the California market (we are located in the East Bay) so the loan amounts go up to $4 Million. 
  • January 08 2014
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Profile picture for BartGabe
We offer a program for people with less than 3 years out of foreclosure in addition to the FHA back to work program. Click on my name to connect with me.
  • January 08 2014
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The minimum waiting period for foreclosure is usually around 3 years. The 3 year waiting period applies to FHA and conventional loans. Luckily, FHA does have an exception to the 3 year waiting period. If you experienced an economic event (such as unemployment) that resulted in a loss of income causing your foreclosure, then FHA will allow you to obtain a loan after 1 year. If this applies to you, then you can obtain the FHA loan as this current moment. If not you will have to wait another year. Either way, the best thing to do is to speak with a lender like myself directly to see if we can help you. Well I hope this helps and good luck!
  • January 08 2014
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Yes I don't think you will have a problem. You'll want to contact a local lender to find out what program will work best for you the both of you. Good luck and happy house hunting!
  • January 07 2014
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Hi neatoroneeto,

We may be able to help.  We have a few portfolio lenders who do not have the normal waiting period requirements.

How much are you looking to put down?

Best,

Bryan
  • January 07 2014
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