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What is the waiting period to get a motgage, after we have had a home forclosed

What is the waiting period to get a motgage, after we have had a home forclosed?
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March 11 2011 - Denver
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I do not believe you can get a hard money loan for a home you intend to live in. Hard money loans are intended for only very short periods of time. I am not aware of any hard money lender who would lend without having much higher downpayment. If this home is an investment, you may be able to get a hard money loan, but you will likely need 30-40% down. Be prepared for an interest rate at 12-14% interest and 3-5 points up-front. I work with a half-dozen hard-money lenders and none of them will lend on a primary residence. The lending regulations are MUCH looser for investment properties than for primary residences. If you were a family member or close friend, I would recommend to you that you continue to rent until more time has passed, with greater savings, better credit and more certainty in the real estate and employment markets. Whatever you do, good luck!
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March 11 2011
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How do I find a hard money lender we have 640 credit and 10-15% for a down payment?

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2 for VA, 3 FHA, or 7 Conventional.  Of course your credit has to recover too.  As stated before if you can find a hard money lender or someone who is not going to sell the loan they can make their own rules.  
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Profile picture for wetdawgs

2 years plus (depending on a lot of other factors) for a regular loan.

If you have 50% plus down payment, you may find a hard money lender who would be willing to consider you for considerably higher interest rates.

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March 11 2011
 
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