Qualifying for Homepath loan w/foreclosure in credit history

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

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Hello ijnova, You have obviously done your homework and know that you will be able to purchase a home sooner with a larger down payment. However, you'll have to wait for a full two years after your foreclosure before you can purchase with 20% down on a conventional loan program. Homepath is a conventional loan. I hope this helps! Please feel free to call me at 707-363-3689 if you have any further questions. Karen Mansfield

Hello ijnova, you have obviously done your homework and know that you can purchase a new property with a larger down payment that much quicker. However, you will have to wait a full two years in order to qualify to purchase a new home with 20% down on a conventional loan program. HomePath is a conventional loan. Please feel free to call me if you have any further questions. Karen Mansfield 707-363-3689

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

I admire your determination.

Ijnova... I went through a foreclosure, and without knowing your circumstances it is difficult to say much, but I will anyway... As I will confess up front, I am not aware of the time frames to purchase a house under any one type of loan, whether it be conventional, FHA, etc... I will leave that up to the pros! Karen, William, and Bert I appreciate your comments, and lbennet... You're a D-bag! My foreclosure was a financially sound decision. I didn't create the recession, I just lived through it. My occupation allows me to afford the house I was in, however my financial wisdom wouldn't allow me to stay there for obvious reason. Being humpty 25% is not a sound financial postion. I will repurchase a house in the same neighborhood for $100k less in another year. I tried to work with the bank but had no success. For the record I was not asking for principle reduction or forgiveness. I was requesting an interest rate that was in line with today's market. I was declined due to the house being out of whack in terms of equity. If I recall correctly, we, the American people bailed their ass out of the situation they created. Also, for the record, I feel it was the right decsion, however I disagree with their spending of the dough, the tracking of money by the government, etc... So good luck with your new home purchase in the future and I would suggest you call one of the three people who gave professional advise in the above comments. Good luck!!