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Want to purchase a home, but had a foreclosure 1.5yrs ago

About a year and half ago, we lost our home of 11yrs to foreclosure. The company I worked for went belly-up and I could never replace the income I had, so keeping the house and land became impossible. We have moved to Texas for a better job and hopefully a chance to purchase again.

My question, is it possible to purchase a home now?  Good income, pretty good credit score...
  • November 10 2012 - Corpus Christi
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Answers (4)

It amazing how much bad information is given here by people.

The first two answer are totally wrong, you have real estate agents making up their own mortgage underwriting guidelines. Here is a hint when someone asks you a mortgage guidelines related question that has a very well defined answer, its probably no help to respond "according to my view...." unless of course you want to lend the person asking the question money for a mortgage.




  • November 24 2012
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FHA requires 3 yrs from date of foreclosure completion since your circumstances were not "extenuating" (serious illness or death of a wage earner). Another important consideration is re establishing new credit with an excellent history. Conventional also requires 3 yrs but with min.of 10% down payment.
  • November 24 2012
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Hi,
According to my view, if you have a good income then you don't need to fear of buying a new home. Get in touch with an real estate agent who can guide you and help you in buying a new home for yourself at an affordable price.
  • November 23 2012
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Hello,

The main concern lenders have now a days is your credit score, as long as your credit score is good, banks will be willing to lend. You can contact me if you need any direction and I will be more than glad to help you.

Thank you,
Michael Vargas
  • November 23 2012
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