Profile picture for Matt Collins

Post foreclosure purchase, is it possible?

My wife had a foreclosure 3 years ago and are interested in trying to buy a home at this time.  What are the requirements for post foreclosure home buyers these days?


We had a buyer lined up, signed over power of attorney to a family member to finish off the deal as we were moving overseas with a mission organization, then the deal fell through and we were left with this foreclosure.


Are there general rules that guide decisions, or are these things handled case by case?



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June 23 2010 - Bellevue
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Answers (5)

Yes, it's possible. Of course a loan officer would need to go a bit deeper with you into your financial history and current credit. I know several people that have purchased 2-3 years post foreclosure. Feel free to contact me if you need a contact to a local lender.
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June 24 2010
We work with a local loan consultant and asked him that same question last week.  It's very case specific, but quite possible to purchase within 1-2 years of a foreclosure.  Getting your credit repaired is key!
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June 24 2010
WIth the way the economy is affecting all of the country, this question is coming up more and more. 

It used to be said 7-10 years after foreclosure.  That is no longer the case.  If you work to boost your credit score up after foreclosure.  The wait period varies case by case, and the new lender will look at whether you had extenuating circumstances that were valid. 

If you have 20% down you might be able to get a mortgage immediately after foreclosure.

FHA loans there is a 3 year requirement.
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June 23 2010
I am not a lender but have an associate that has very good lending opportunities.  If you are interested in purchasing a home, email me by clicking on my pic or name, etc., above.  I practice real estate near Bellevue and would be more than happy to get you in contact with my lender and assist you in purchasing a home.  If you have got a half way decent credit score, I think there is a way.
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June 23 2010
For most government programs including VA and FHA we're able to get you approved with only two years being removed from a foreclosure or short sale.  Now if you've had missed payments on much since then it still might be an issue.  But if you've been on time since then it shouldn't be an issue.
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June 23 2010
 
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