Profile picture for user61720269

My wife had a foreclosure 3 years ago, other than that we have excellent credit. what kind of intere

  • August 19 2013 - Lake Oswego
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Answers (14)

Profile picture for user2658726
2 years 2 months... closing post foreclosure sale date was Oct 2011 closing set for 02/25/2014 it can happen... its case by case
  • February 21 2014
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Rate is pre-mature not to mention there are other factors to be considered. Keep in mind if you caused a loss on a Government loan that could still pose a problem on another Government loan program. I would meet with a local mortgage professional, assess your situation, and plan from there. Best of luck!
  • August 20 2013
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Profile picture for DannyLoftin
    Get with a lender in your area and determine your qualifying loan limit. You will surely see that it will be much cheaper than renting. You can then look forward to lowering that payment upon refinancing down the road.
     Also look at the possibility of qualifying by yourself under a conventional loan. Your wife can usually be added to the deed by the closing attorney at closing without having to be on the loan. If you have enough income on your on, this will by far be the cheaper alternative to an FHA loan.
    Foreclosures seem to be a part of many families lives right now. Hang in there and stability should return. Your wife is certainly not alone.     
  • August 20 2013
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You could qualify under FHA in which cause the rate is not sensitive to such information
  • August 20 2013
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Your interest rate won't be effected because you have a foreclosure, but will be based mostly on credit score and then on loan to value with FHA.
  • August 20 2013
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Good morning,

It appears you're qualified for an FHA loan.  The pricing for interest rate and other terms is set by each Lender based on Lender-specific guidelines.

The guidelines for pricing relate directly to:
-Credit Score
-Loan-To-Value (LTV) percentage
-"Layering of risk"  what are the other features of your loan application that add to the level of risk for the Lender

Try to work with an experienced mortgage professional, someone with at least 15 years in the industry, for the most coherent answer in your local area.

Trevor Curran
NMLS #40140
  • August 20 2013
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The best way to determine your possible rate is to contact a local professional and discuss your circumstances with them. There are many factors involved and without understanding all the moving parts it is hard to accurately quote a rate. I am located here in LO if you are interested feel free to give me a call!
  • August 20 2013
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The actual FHA guideline is 3 years, so you are fine. You do NOT need an extenuating circumstance...You are good to go!
  • August 20 2013
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3 years is plenty in most cases! 


What was the cause of the foreclosure? What happen?


As of Aug 15th FHA is continuing its commitment to fully evaluate borrowers who have experienced periods of financial difficulty due to extenuating circumstances


As a result of the recent recession many borrowers who experienced unemployment or other severe reductions in income, were unable to make their monthly mortgage payments, and ultimately lost their homes to a pre-foreclosure sale, deed-in-lieu, or foreclosure. Some borrowers were forced to file for bankruptcy to discharge or restructure their debts. Because of these recent recession-related periods of financial difficulty, borrowers' credit has been negatively affected. FHA recognizes the hardships faced by these borrowers, and realizes that their credit histories may not fully reflect their true ability or propensity to repay a mortgage.


To that end, FHA is allowing for the consideration of borrowers who have experienced an Economic Event and can document that:

certain credit impairments were the result of a Loss of Employment or a significant loss of Household Income beyond the borrower's control;

 the borrower has demonstrated full recovery from the event; and,

 the borrower has completed housing counseling.

  • August 19 2013
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The shortest wait period after a foreclosure is 3 years from the date the property was deeded/transferred out of your name. This is for an FHA loan. The rate won't be any higher than a normal FHA loan, if that's what you are asking regarding rates.
  • August 19 2013
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Profile picture for Oregon Mortgage Pro
The interest rate will be reflected by the bond market, program type, and FICO score primarily as with any borrower.  If the automated underwriting approval system accepts your loan approval, there is typically no "additional" adjustment applied to the interest rate other than the factors noted above.  Much will also be determined by the application to confirm if an automated approval is obtained or manual will be required.
  • August 19 2013
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Profile picture for user61720269
ya! but what kind of interest can we expect?
  • August 19 2013
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Profile picture for Oregon Mortgage Pro
FHA is typically 3+ years from the completion date.  Conventional can be 3+ years if putting 10% or more down, otherwise 7+ years.  VA and USDA can fluctuate as well, if these programs would be applicable.
  • August 19 2013
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Profile picture for B2 Funding
for most foreclosures even fha you need to wait 4 years.
  • August 19 2013
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