HOW DOES A FORCLOSURE EFFECT LOAN TYPE

After a foreclosure you can get an FHA loan after 3 years but you have to wait 7 years for a conventional loan. If you put 20% down with a conventional then 4 years. Call me tomorrow and I can go over your situation and help you put a plan together. I am all about information without obligation. Linda Miller. Linda@lindamillergroup.Com or 801.550.1222

I can offer you a portfolio product that only requires you wait 2 years from the disposition date of the foreclosure. We can go pretty low on the credit score as well. Thank you. Justin Murray / JMurrary@WintrustMortgage.com / (312) 256-4065

It will effect the type of loan you can use for financing. Conventional and FHA have different waiting periods after a foreclosure.

Each conforming lending program has mandatory waiting periods before you can apply for a new mortgage. Typically, it's 3 years for government loans (FHA, VA, USDA), and 7 years for conventional. But VA guidelines say you can apply in 2 years, however most lenders will make you wait 3, and FHA has a program that allows you to apply after 1 year, but the guidelines are pretty strict and few actually get approved.. For non-conforming mortgage loans (private money or hard money), they can do it 1 day after a foreclosure, but you will need 30% to 50% down, and the rate and terms are going to be pretty ugly.. 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

When you have a foreclosure, you of course caused a mortgage lender to suffer a loss. No new lender is going to be super excited to work with you in the future. Therefore you have mandatory waiting periods after the foreclosure before the various loan products will even look at you again.

EASY - this is a complex question and I have shared a Matrix to answer it depending on the numerous scenerios that your forclosure may represent: Goto MikeSilkworth.com/Resources tab/Resource links/Waiting Periods. You will find a mattrix for all Agency Loan Types and waiting periods for the different types of forclosures with different down payment options. I'd suggest you print this and take it to the local lender of your choice to determine your best borrowing option. Best of luck to you =Mike