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We had a foreclosure one year ago and our financial

We had a foreclosure...

We had a foreclosure one year ago and our financial situation has drastically changed to where we are more than financially ready to purchase again. I noticed on my credit report that the foreclosure did not show up as a derogatory mark, but listed under the mortgage account as foreclosure redeemed. Do you think this will give us a chance at getting a mortgage sooner than the 2 year wait we were told?

Lawyer's Assistant: Since laws vary from place to place, what state is this in? And has any paperwork been filed?

Pennsylvania. Paperwork in what regard?

Lawyer's Assistant: Has any paperwork been filed?

No

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Answered in 7 minutes by:
3/10/2018
Lucy, Esq.
Lucy, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 31,899
Experience: JA Mentor
Verified

Hi,

I'm Lucy, and I'd be happy to answer your questions today.

It really depends on the lender and the type of loan. It might be possible to get an FHA loan a year after foreclosure if you can prove that you were affected by economic circumstances that were beyond your control. They'll want documentation of a job loss or medical emergency that reduced your income over a six month period by at least 20%. Without that proof, your waiting period would be three years (unless you qualify for a VA loan). Conventional loans will typically make you wait 7 years.

It's possible with a large enough down payment, you could find a lender to take a chance. You might also be able to get another loan with an additional cosigner. Talk to a couple of banks before you apply. Too many inquiries will also reduce your credit score, so you want to know what the specific guidelines for each lender are before giving them your social security number.

Have I answered your question? If any part of my response is unclear, please reply WITHOUT rating so I can clarify. My goal is to provide excellent service, so if I've done that, please give me a 5-star rating before signing out. Thank you for using JustAnswer.

Lucy, Esq.
Lucy, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 31,899
Experience: JA Mentor
Verified
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