Zillow Advice: Mortgage - I have a foreclosure from 4 years ago and I am looking to buy again. I have a sizable down payment http://www.zillow.com/advice-thread/I-have-a-foreclosure-from-4-years-ago-and-I-am-looking-to-buy-again-I-have-a-sizable-down-payment/508677/ Zillow Advice | Zillow Real Estate The typical waiting period ... http://www.zillow.com/advice-thread/I-have-a-foreclosure-from-4-years-ago-and-I-am-looking-to-buy-again-I-have-a-sizable-down-payment/508677/ The typical waiting period to obtain conventional financing following a foreclosure is 7 years. I would still recommend speaking with a local lender, after they review your entire scenario they will be able to let you know if there are any options.<br/><br/>You may qualify for an extenuating circumstance if there was a documentable loss of income that led to the foreclosure. You may also want to look at the option of purchasing with an FHA loan and then refinancing into a conventional loan after the 7 years have elapsed.<br/><br/>Jake Mon, 26 Aug 2013 21:56:00 GMT http://www.zillow.com/advice-thread/I-have-a-foreclosure-from-4-years-ago-and-I-am-looking-to-buy-again-I-have-a-sizable-down-payment/508677/ 2013-08-26T21:56:00Z We have no waiting period ... http://www.zillow.com/advice-thread/I-have-a-foreclosure-from-4-years-ago-and-I-am-looking-to-buy-again-I-have-a-sizable-down-payment/508677/ We have no waiting period after a foreclosure and will need only 20% down.&nbsp; Fri, 31 Jan 2014 01:56:00 GMT http://www.zillow.com/advice-thread/I-have-a-foreclosure-from-4-years-ago-and-I-am-looking-to-buy-again-I-have-a-sizable-down-payment/508677/ 2014-01-31T01:56:00Z It's true that there's typically ... http://www.zillow.com/advice-thread/I-have-a-foreclosure-from-4-years-ago-and-I-am-looking-to-buy-again-I-have-a-sizable-down-payment/508677/ It's true that there's typically a long waiting period but we have a solution that would let you buy again right away. We call it our Second Chance loan. It's an exclusive portfolio loan that is designed for someone who has had a recent Short-Sale or Foreclosure. The basic requirements are 20% down (which it sounds like you have) and a 660 mid FICO score. The FICO score is usually ok as long as your credit is clean outside of the Foreclosure.<br/><br/>We're doing these all the time in Arizona. <br/><br/>Good Luck!<br/>Craig Bosse Fri, 31 Jan 2014 01:01:00 GMT http://www.zillow.com/advice-thread/I-have-a-foreclosure-from-4-years-ago-and-I-am-looking-to-buy-again-I-have-a-sizable-down-payment/508677/ 2014-01-31T01:01:00Z Hi Marc,We just expanded ... http://www.zillow.com/advice-thread/I-have-a-foreclosure-from-4-years-ago-and-I-am-looking-to-buy-again-I-have-a-sizable-down-payment/508677/ Hi Marc,<br/><br/>We just expanded our "2nd Chance" loan&nbsp;[Promotion removed by Zillow moderator. Please see our&nbsp;<u><a style="text-align: right;" rel="nofollow" title="Good Neighbor Policy" href="http://www.zillow.com/howto/GoodNeighborPolicy.htm">Good Neighbor Policy</a></u>&nbsp;for more information.] Wed, 09 Oct 2013 22:48:00 GMT http://www.zillow.com/advice-thread/I-have-a-foreclosure-from-4-years-ago-and-I-am-looking-to-buy-again-I-have-a-sizable-down-payment/508677/ 2013-10-09T22:48:00Z Typically a buyer can qualify ... http://www.zillow.com/advice-thread/I-have-a-foreclosure-from-4-years-ago-and-I-am-looking-to-buy-again-I-have-a-sizable-down-payment/508677/ Typically a buyer can qualify for a VA OR FHA loan within the time frame you have described.&nbsp; There are also other programs, such as NACA or USDA that you may also qualify for too.&nbsp; Your best bet is to talk to a qualified mortgage lender about what options you have, and what type of down payment would be required.&nbsp; Good Luck! Mon, 09 Sep 2013 22:54:00 GMT http://www.zillow.com/advice-thread/I-have-a-foreclosure-from-4-years-ago-and-I-am-looking-to-buy-again-I-have-a-sizable-down-payment/508677/ 2013-09-09T22:54:00Z Check with a lender and see ... http://www.zillow.com/advice-thread/I-have-a-foreclosure-from-4-years-ago-and-I-am-looking-to-buy-again-I-have-a-sizable-down-payment/508677/ <p>Check with a lender and see if they do a portfolio loan, also known as a second chance loan. Those loans are out there, terms will depend on your circumstances. Good luck.</p> Thu, 05 Sep 2013 16:11:00 GMT http://www.zillow.com/advice-thread/I-have-a-foreclosure-from-4-years-ago-and-I-am-looking-to-buy-again-I-have-a-sizable-down-payment/508677/ 2013-09-05T16:11:00Z Marc-There are lenders who ... http://www.zillow.com/advice-thread/I-have-a-foreclosure-from-4-years-ago-and-I-am-looking-to-buy-again-I-have-a-sizable-down-payment/508677/ Marc-There are lenders who do not need you to wait more than 3 years to do a loan.&nbsp; The question may be, "Are you seeking the best type of loan?"&nbsp; Once you have reestablished credit and gotten your scores back up from consistently good history and new, good credit, you should be able to purchase even without the huge down payment.&nbsp; I have lenders who do this frequently.&nbsp; Check your loan type and why you want to stay with that venue, then find a lender who has investors that know life happens and you should not have to put your life on hold because it did. Thu, 05 Sep 2013 15:34:00 GMT http://www.zillow.com/advice-thread/I-have-a-foreclosure-from-4-years-ago-and-I-am-looking-to-buy-again-I-have-a-sizable-down-payment/508677/ 2013-09-05T15:34:00Z It sounds like you are putting ... http://www.zillow.com/advice-thread/I-have-a-foreclosure-from-4-years-ago-and-I-am-looking-to-buy-again-I-have-a-sizable-down-payment/508677/ It sounds like you are putting yourself back in a great spot to be able to purchase.&nbsp; Great job Marc, on recovering from the foreclosure and putting aside a sizable down payment!&nbsp; You are placing yourself in a better position to compete against other buyers in this competitive market. Thu, 05 Sep 2013 15:26:00 GMT http://www.zillow.com/advice-thread/I-have-a-foreclosure-from-4-years-ago-and-I-am-looking-to-buy-again-I-have-a-sizable-down-payment/508677/ 2013-09-05T15:26:00Z There are lenders, like myself, ... http://www.zillow.com/advice-thread/I-have-a-foreclosure-from-4-years-ago-and-I-am-looking-to-buy-again-I-have-a-sizable-down-payment/508677/ There are lenders, like myself, that are able to get you a conventional loan if you have 30%-40% down. Since the down payment is so large, the foreclosure will be able to be overlooked to an extent. I suggest you shop around and find lenders, like myself, that are able to cooperate with your situation. I guarantee you will find someone who can help you out.<br/><br/>I hope this helps! If you have any further question or if you would like a loan, feel free to contact me. Also, if you found this comment helpful, please leave me a review!<br/><br/>Good Luck! Tue, 27 Aug 2013 20:53:00 GMT http://www.zillow.com/advice-thread/I-have-a-foreclosure-from-4-years-ago-and-I-am-looking-to-buy-again-I-have-a-sizable-down-payment/508677/ 2013-08-27T20:53:00Z Thanks for all the input.&nbsp; ... http://www.zillow.com/advice-thread/I-have-a-foreclosure-from-4-years-ago-and-I-am-looking-to-buy-again-I-have-a-sizable-down-payment/508677/ Thanks for all the input.&nbsp; I really don't have extenuating circumstances that I can pin point.&nbsp; I really want a conventional loan so I was hoping to find a bank that holds its own paper.&nbsp; Also, I own a prperty free and clear so a HELOC would be ok as well...no one that I have talked to will do that either because of the Fannie Mae rules.&nbsp; Any suggestions? Tue, 27 Aug 2013 14:30:00 GMT http://www.zillow.com/advice-thread/I-have-a-foreclosure-from-4-years-ago-and-I-am-looking-to-buy-again-I-have-a-sizable-down-payment/508677/ 2013-08-27T14:30:00Z