Can I apply for a loan if I had a foreclosure in March 2014?

Hi Jessica, technically, Conventional requires 7 years out of a foreclosure and FHA, VA and USDA require 3 years. FHA does have a program that will allow 1 year out of foreclosure with proven, "extenuating circumstances". Things like death of a wage earner, 25% reduction in income the year leading up to the event, 6 month+ job gap, medical, proven market depreciation on the property foreclosed.....all are possible avenues to work around. We would love to take a look at your situation and at the very least, get you in the system to walk by your side, as you move toward approvability. Feel free to reach out! Satori Mortgage - o) 952-544-1706; e) info@satorimortgage.com; w) www.SatoriMortgage.com

More info needed, but the short answer is "yes and no".. FHA has the "Back to work" program which allows you to purchase a new home 12 months after a BK, Foreclosure or Short Sale. The guidelines are very specific.. you must have had a 20% or greater reduction in income and as a result of that loss of income, you experienced the derogatory event. Lender will use your tax returns along with a letter of explanation to determine if you meet the guideline. Understand that FHA does not lend money.. they only insure loans against default.. The lenders, or those with the $$$ can add additional guidelines above what FHA calls for.. it's these "Overlay's" which vary lender to lender.. and for most, they do not do FHA's back to work program.. so it's best you get with a mortgage broker rather than your local bank, since the broker deals with numerous lenders, which each one offering a different set of lending guidelines.. the more lenders, the more lending options and the greater likelihood your loan scenario will be approved.. Also understand that this program is due to expire at the end of September.. so if you are interested in purchasing, you need to get on it right away.. Otherwise, FHA requires a 3 year waiting period from the date the property was taken out of your name.. for Conventional financing, its 7 years.. if you have VA benefits, the guideline is 2 years, but again most lenders will require you to wait 3.. Additionally, FHA has maximum loan amounts which vary based on the county you are in.. but for the majority fo the USA, it's $271,050. You can buy a home for more than that but you cannot FINANCE more than that (unless your county has a higher loan limit). If you want to know for sure, you should contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Short & sweet answer. Yes in March of 2017. Call with questions. 970.455.4131 - Jason Berman (Mtn. Property Mortgage Specialist)

Hello Jessica, FHA requires a 3 year out of foreclosure which would mean after March, 2017. If you would like to talk, I would be happy to help and discuss your options. Call Kay 720-670-0124 - Local Colorado Mortgage Broker.

The most important thing to look at is the date of transfer on your home that was foreclosed on. It may be different than the actual foreclosure date and you have to go off of the later of the 2. 3 years from that date for FHA/VA. Good luck,Kyle..owner of bayviewhomeloans.com

Hi Jessica,Yes, you can apply for a loan! The soonest you would be able to close on a house however is three years from the date the title was transferred over to the bank. I hope this helps! It never hurts to get started earlier and see what you'll need to do in advance.-Josh Lund