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Mortgage after foreclosure

My husband and I foreclosed on 2 rental properties two years ago due to extenuating circumstances. My husband's credit score has recovered and we have a $45k downpayment put together. We have also completed a mortgage counseling course.

It  looks like we may not qualify for the FHA back to work program as we had anticipated. Are there any lenders out there who can help us? We are looking for a mortgage of $115,000 or less.
  • February 28 2014 - US
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Answers (5)

Hello there,

It looks like you would be well advised to just wait until the full 3 year waiting period has elapsed before applying for another loan. This will put you in the driver's seat when it comes time to apply, as you will find that there are not as many rules and restrictions. For now, I would work on paying down debt, getting your down payment into an account with little-to-no activity, and saving money.
  • March 04 2014
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For your foreclosure the waiting period for conventional and FHA is 3 years from the finalization of the foreclosure. I always inform people about the back to work program but it seems you already know that and unfortunately cannot take that route. This means you might have to wait 3 years. There still might be some options available to you but more details would be needed. So the best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!
  • March 04 2014
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Agents responding AGAIN on the mortgage forum! Why?!?!?! Always horrible info.
  • February 28 2014
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Profile picture for wetdawgs
Are you looking for a mortgage for your primary residence or for another rental property?

  • February 28 2014
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Yes, there are hard money lenders that will work with you. Find an agent in your area that has a variety of lenders and they should be able to help you. It will be expensive, and try not to accept a prepayment penalty, but you should be able to get into a home.
Hope that helps.
Bethanne Baer
Orlando Realtor
  • February 28 2014
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