Chances of getting a mortgage 1 year after foreclosure?

[DADx2]

Originally Posted by TimtheGuy

If you bank with a local community bank, they might be able to do an in house portfolio loan for your right now with a good down payment (20-30%). The loan would most likely be a 3 or 5 year balloon, but you could refinance to a 30 year fixed at that time or just renew the loan with your local bank.

If you bank with the mega banks and don't have an existing relationship with a small local bank you are probalby out of luck.

Thanks Tim, I happen to bank with all of them.LOL.. My personal banking is done with a local hometown bank (3 total branches)... I have a savings account with my employer's credit union (15+years) ... and I have two executor accounts with a major bank.

I will certainly look in to this option asap !!!

[dbamrmats]

Unfortunately I am also in a similar situation to you. Just talked to Credit Union today and they said I needed to wait for 2 years after the foreclosure. Not sure if it will be different for you because you have a current mortgage. I am still looking for another means for an unconventional mortgage and I'll repost if I find something that may help. By the way I find it funny that you posted a very simple question and several people in this thread tried to give advice pertaining to many different things such as interest rates and fixing credit. When I make a post in reply to your question I'm going to assume that you understand you may have an interest rate that is a bit higher that you will probably have to pay for about a year before you can refinance (the loss of money to interest can be easily covered through tax write offs and possible equity gain if you believe the market is bottoming out). It sounds like your credit is sound because really a foreclosure doesn't have such an effect on credit score as one would think. Less than 1 year after foreclosure I am sitting at 804 and that is after I just got an auto loan. By the way if your score is low, while we are on the subject, make sure you dispute your foreclosure with all the credit agencies and say the debt is "resolved". What happens is when they repossess the property they often do not clear the debt that was owed before the foreclosure and it still shows up as money that is owed even though it is not since they took the collateral (he property). Sorry I went off topic I am just disappointed that it seems like people are just trying to show how much they know rather than help but back to your original question. I make 150k/yearly, have an 804 credit score, and other than my auto no debt. I am in the same boat as you and want to take advantage of a market that seems to be bottoming out in my current area and I am not concerned with the rate of interest because I actually fear inflation more. The credit union said if it had been 2 years they would have gotten me approved today and that some other companies might do unconventional loans but that was their requirement to Fannie Mae where they will eventually sell my loan. Hope that helps and if I do find an unconventional loan provided I'll be sure to post with details.

[thomasdavie]

I did not read the whole thread so just in case nobody suggested it, you can get a mortgage if you put 30% down and get what is called 'hard money' .

Hard money will require at least 30% down and the interest rate wont be great. But at least you can purchase and then refinance in 2 years when you are 3 years out.

hope this helps