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How to own a home again after foreclosure?

My condo was foreclosed in 2010 and had filed bankruptcy.  I'm slowly recovering, improving my credit, and sustaining a household income of $78,000K annually.  What are my chances of owning a home again?  What are lenders looking for these days?  What is the average rate for loaners such as myself?  Thanks for your time.

I'm actually looking at Santa Cruz County.  I accidentally entered San Rafael. 
  • August 01 2013 - San Rafael
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Answers (5)

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FHA is now allowing buyers to purchase again one year after foreclosure, short sale, or BK. Check with a local lender on the details.
  • August 30 2013
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Thanks for the advice; much appreciated.

  • August 02 2013
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One thing to add in addition to the comments below, make sure not to have ANY lates. Any 30 day late or more after the BK will pretty much disqualify you with most lenders. They want to see that you have re-established credit, and have no lates since. Rates will not be much different for you than someone without a bankruptcy. Credit score, down payment, purchase price, and loan type will all have much greater effect on your rate.
  • August 01 2013
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Making a few assumptions, you could be eligible for an FHA loan 3 years after the foreclosure date.  

Without knowing the complete financial picture/details, it's best to discuss over the phone to avoid posting inaccurate information.  

Please feel free to visit my profile page and contact me if you'd like to discuss.  I am a licensed California Mortgage Broker and have assisted many clients in similar situations, so I'd be happy to help!
  • August 01 2013
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Time heals all wounds, as the saying goes, and time will do wonders for your credit. You really need to contact a mortgage broker in your area, maybe at your bank and see about the pre-qualification process for you. Some banks, in my area, are allowing people who had a short sale or foreclosure from more than 3 years ago, apply for new loans. So check with your mortgage broker for more details. I am glad you are getting back on your feet!

Best of luck to you,
Liz
  • August 01 2013
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