Qualifying for Homepath loan w/foreclosure in credit history
Our home was foreclosed on in 2011. We can put 20% down on a property, can we qualify this soon after the foreclosure? by ijnova_622_119 from Redland, California. Apr 5th 2012
Ryan Romero (REFIryan)
#456 ranked lender in California - 28 contributions
3 years FHA is the soonest
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
Homepath is a conventional product, so it would fall under conventional guidelines.. That would be at least 3 years from the date the property transfer out of your name, with at least 10% down and extenuating circumstances... otherwise it's 7 years... FHA is 3 years, VA is 2 years, USDA is 3 years... WilliamAcres.com
Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions
Unfortunately, until you have passed the penalty period, you are not going to find any traditional financing. At best you are looking at three years from when the Bank recorded the Foreclosure Deed to be eligible for an FHA loan. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com
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