Profile picture for tm64

Odds of getting a low with a foreclosure on my credit

I was hit hard with the housing crash as i had 3 rental properties. I had to short sell one and the other 2 were foreclosures. It's been 4 years, and other than that, my credit history is great, and my credit score is now back up to 684 now and climbing. Is it too early to discuss a refi on my current home? i've never missed a payment on anything except the rentals in 25 years. Should i wait or will i be able to find someone to help? If the latter, should i go with a private mortgage lender or bank? Other?  Thanks in advance!
  • October 20 2013 - Mesa
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Answers (8)

You will be able to buy a primary residence again, but will have to wait to invest for a few more years. It's a 7 year waiting period for any investment loans, unless you are going with hard money. We've got a program that allows a purchase one day after Short-Sale or Foreclosure but the issue is that we only allow one in the past 5 years. Good luck to you!
  • January 28
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Profile picture for tm64
I will find a local lender, thanks all.
  • October 21 2013
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Most waiting period after short sales and foreclosures are around 2 years but can be more depending on your current finances, financial record, and circumstance of the loan. If you're finances are strong enough, it can be possible to get a refinance. I recommend you speak with a lender like myself. Us lenders would be more than happy to speak with you to help you get the refinancing that you need. So if you have any other questions or need a loan, please contact me through the information on my profile page. I hope this helps and good luck!
  • October 21 2013
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You should contact lenders in your area. have them explain your options as everyone's scenario is different. Most FHA programs say at least 3 years from foreclosure. Most conventional programs require 7 years. You should definitely run your entire scenario by a lender and heave them explain what options are available to you! I hope this is helpful!

  • October 21 2013
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Have you spoken directly with a lender yet about this?  Several of my clients have used an excellent lender that might be able to help you.
  • October 21 2013
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Ok, thank you! No more replies necessary, thanks guys.
  • October 21 2013
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You are good to go now, you were actually ready a year ago. Rates have eased back down this last week so you will should be able to get a rate in the high 3's. FYI, no one should be quoting interest rates on this forum without giving you an APR.
  • October 20 2013
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Profile picture for Mortgage Brothers
Standard industry guidelines on a foreclosure and the time to be eligible for new mortgage financing are:

FHA = 3-years
Conventional (Fannie / Freddie) = 7-years

From your information you are currently eligible for an FHA mortgage, but whether that would make financial sense or not depends upon your interest rate.  Current FHA 30-year fixed rates are 3.75%, but you'll have a monthly mortgage insurance premium equal to 1.35% of your loan amount, so the net of the interest rate and MIP is slightly above 5.00%.
  • October 20 2013
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