Profile picture for zx342010

I have ok credit, and a foreclosure 5 yrs ago. I would like to try and buy a house again.

I got a divorce and now I am single and I would love to get a house.  I have ok credit, bueen buliding it back up, I have a loan out on a car and pay that ontime, I do have a foreclosure already. what are the odds of being able to get a house again??

  • August 10 2010 - Canton
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (6)

Your first step should be to contact a lender in your area and have them run your credit. Some banks will look past the foreclosure if you have "restored" your credit since the occurence. Good luck.
  • August 21 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Pam Bava
ZX, if you send me an email I will give you a phone number to the mortgage person I work with.  I would have to agree with others, by what you say there is a possiblity you could qualify.  There are some interesting programs out there that you might qualify for.

Pam Bava, Realtor
[contact info removed by moderator]
  • August 10 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

I'm not a Michigan lender but just for informational purposes I'll tell you that I see nothing in what you told us that says you CAN'T qualify for a loan. However the info you left out is what is really needed.
Make sure your middle credit score out of the 3 bureaus is 620 or higher, make sure your debt-to-income ratio (include monthly minimum payments on debt along with a new home's total monthly payment divided by your gross monthly income) is under 55%, and make sure you have a combination of cash, gift funds, and/or seller contribution that will cover your total funds to close.
If all that lines up right for you then you'll have no trouble getting an FHA loan at the very least which requires only a 3.5% down payment.
If your credit score is less than 620, you'll find lenders that will still do an FHA loan for you as long as you get an automated underwriting approval but the rate won't necessarily be the lowest. I'd make sure I'm over 620 if I were you.
Anyway, that's just a little info on the most important things a lender will look for...
  • August 10 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Ofe Polack
Contact a lender, take all your documents to the office and let him/her provide you with the information you need to see if you can purchase a home.  By the way....has the foreclosure been discharged already?
  • August 10 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

How old is your forclosure?
  • August 10 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

If it has been more than five years since the foreclosure, your chances should be pretty good. When you go to apply for a mortgage, bring letters to explain any derogatory comments on your credit report. Perhaps part of the reason for the foreclosure can be attributed to the EX or whatever. Just explain everything in the letter(s).
  • August 10 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.