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I've had a foreclosure almost 2 years ago. What are my chances of buying a home with 1/2 cash down?

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I've had a foreclosure almost 2 years ago, what are my chances of buying a home with 35% to 50% down on a $300,000.00 home value. ???

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August 25 - Woodlake

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Julie Messina, "CNN Mortgage"
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Julie Messina, "CNN Mortgage"

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FHA requires three years afer a foreclosure, Fannie and Freddie require 4 years. Both programs require re-established credit.

It's not likely you will be able to qualify for an agency loan. Private money is available with 50% down however. Interest rates are higher than Agency, and the lenders are usually giving a two or three year note and expecting you will have an exit strategy to refinance out.

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August 25

Pasadenan
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35% down --> not so good.

50% down; pretty good! The values have already dropped substantually, but of course will still be dropping more. But it is very unlikely to drop 50% from present value.

Thus, with a loan to value ratio of 50%, the lender has fairly good assurance that they can collect their money via a foreclosure if you walked again.

Of course it costs them something to process a foreclosure, and you likely will be there without making payments for sometime if you walked, thus they need a little extra buffer and assurances. SO, the real question is what interest rates you will be offered.

Let us know. Why don't you post on the Mortgage section, OR, use the Mortgage Marketplace to request quotes and see what they come in at?

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August 25

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