Profile picture for locovirgo

How long can I buy a house that my house was forclosured in 2007?

  • June 27 2009 - Tucson
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Answers (7)

That was nasty of me.  I know there are many institutions that make home loans all over the country which maintained their standards throughout the feeding frenzy had have remained stable and growing since through the downturn.  They were not the ones I thought of when I saw that wonderful quote.
  • June 28 2009
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"Years from now, lenders will understand that we faced a severe economic downturn."

Ya think?
  • June 28 2009
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Profile picture for Obonics
To those responding that there is no wait if you 'have cash'~~~I would assume that if you had all cash to buy a house you would not have had your house foreclosed in '07.  Unless of course you were poor in '07 and with the collapse in the economy you have somehow become cash rich.  I would also assume that lenders will be using poor credit to keep rates high to those seeking loans.  I doubt that banks are going to just forgive and forget~~~because of the economy and because lending has become more restrictive, banks are going to use any and all excuses to charge higher rates to anyone without absolutely perfect credit.  At least that is my opinion.
  • June 27 2009
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3 years FHA. ZERO years if you find a seller carryback. Keep in mind, most seller carrybacks require 10% down.
  • June 27 2009
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Plan on a minimum of three to four years.  Conventional and FHA loan programs have a waiting period programmed into the decisioning engines and written guidelines.  Years from now, lenders will understand that we faced a severe economic downturn.   In the meantime...you have 3-4 years to restore your credit and keep it clean.  Lenders will be looking at how you handled your credit after the foreclosure to determine if the foreclosure was the result of  a one time life changing event -vs- cronic credit mismanagement.
  • June 27 2009
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You can buy today if you have cash.  You may want to ask a financial expert to sit down and go over the numbers depending on the type of loan program you are seeking.  But if you have cash, there is not a problem.
  • June 27 2009
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Profile picture for Chelsy_
right away if you have cash
  • June 27 2009
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