i got 20K down payment for a 65K mortage..credit score 520..had a foreclosure..can i get a mortage?

rickimama
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January 10 - Lake Worth

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LARPAT55
Contributions:5

In a word "no".... and if you misspell the word "mortgage" again, it might hurt you with some loan agents who are sticklers for accuracy even if you had a 700 score. 780+ with 50% down and you can be a moron and you'll get a loan. Much less than that and you will have trouble. That's simply the way it is nowadays. (btw No insult intended).

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March 21

Caveat Emptor
Contributions:500

you can fix a credit score in 3 months, and you never know. when campain mode really gets on a tilt, obama might just get another "home buyer credit" through congress.

don't worry. start looking now and fix up that score. you'll be fine to get a loan.

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January 28

Lisa Treu, "The Treu Group"
- 4.9/5.0
- (16 reviews)
Contributions:402

Check out my blog for more information.

http://activerain.com/blogs/treugroup

A foreclosure can drastically upset your credit score and should only be considered as a last resort. Some who have gone through a foreclosure claim that the foreclosure dropped their score as much as 250 – 350 points. So if you had a near perfect score of 790, your score could be dropped as low as 440, depending on other bill you may be behind on in addition to the foreclosure on your credit record.

A creditor will not offer you financing for 24 months or more after a foreclosure. This is not only regarding financing for a home, but for any kind of credit – i.e. a car, student loan, department store credit or major credit card of any kind. It may also hinder your ability to get into a rental option, such as an apartment or condo. Many landlords check your credit score to determine your ability to pay the monthly rent. Even getting a phone, cable or utilities can be a pain because they all run your credit. Some employers also use credit score before hiring; especially banks, jewelry stores or any high dollar establishments who fear you will steal if you get into a bind with your bills.

After the 24 month period, if you have made timely payments in your new situation, the harmful effects of going through a foreclosure may begin to diminish. The foreclosure will never fully be removed from your credit for at least 7 years. But the good news is that some lenders may offer you financing for a loan (maybe a small one), although you can expect to pay higher interest. If you want to purchase a home again someday, it could take five years or more to find a lender and the interest rate will be quite high. It could be a good starting point, because you could always refinance the home after a couple of years showing you are no longer a risk.

People's situations change, so it will take time to get a nasty foreclosure off your record. The key is to remain timely on everything else, that way the bank will be more understanding if you explain the hardship at the time you went through the foreclosure.

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January 28

Dave Skow, "daveskow"
- 4.9/5.0
- (14 reviews)
Contributions:1106

dont think so ....you might look for a seller that can take the 20K as down and then provide a 45K private note you can pay on

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January 10

DebJacobs
Contributions:13

I think it is going to be VERY tough. The banks are very strict these days, and the credit score is so important to them. On the other hand, it is a rather small loan, so you might have some alternative ources which may consider ending to you at a higer interest rate.