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Where can I find a convential lender when I have a forecllusre 2 years ago?

by jim.cr_862_955 from Roswell, Georgia. Jul 14th 2012 Reply


William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions

Hard money will be your only option... there are no conventional lenders out there who will finance until 3 years has passed.. (VA is the only exception).. 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. 480-287-5714 WilliamAcres.com

Jul 14th 2012
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Chris Mylin (chrism_408_673)
#57 ranked lender in Ohio - 32 contributions

You should be able to find a lender just about anywhere in GA that would be willing to help you. There shouldn't be any need to go with a private money lender (if that is what you were referring to) unless you haven't re-established your credit or have continued to have poor credit. If that is the case then you would most likely need to be no higher then 60% LTV and expect to pay high fees. If you have a credit score above 620-640 and do not have any active judgements or tax liens against you then you should be able to qualify for an FHA. With an FHA loan the property that you want to purchase must pass an FHA appraisal.

Jul 14th 2012
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions

Because Fannie Mae and Freddie Mac will not allow for the purchase of a loan where the borrower had a foreclosure in the last 3 years, it is unlikely that you will find a lender willing to touch you and give you a 30 year fixed rate loan at current rates. I know of NO traditional lenders willing to lend in this arena (30 fixed at 4% or better). FHA requires 3 years as well. A hard money lender is an industry term for a lender that lends their own money, but does so on "hard" terms. Terms like 40% equity, 12% annual interest, etc. Nothing like the 3.5% 30 year fixed you could get if you didn't have the foreclosure. As you have experienced, you can't find someone to grant you a loan until three years, but still some are telling you: "You don't have to wait". Good luck with that. Spend your time getting your credit back in shape and upon completion of your "penalty period", you will be ready to go. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com ~ 888-889-9950

Jul 15th 2012
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Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,256 contributions

I need more information first.. was your loan a fha or a va

Jul 14th 2012
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It was neither but conventuals. Also, are there private lender options out there?

Jul 14th 2012
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Thanks for the replies. Two additional questions. 1. What is hard money?2. How can I find a convential lender in GA that will work with a 2 year foreclosure? People keep responding that we should be able to find one, but everyone we have spoken to is requiring 3 years since our foreclosure even though we can put at least 30% down. We just don't know exactly where to search and our realtor has come up empty so far also. Thanks

Jul 14th 2012
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Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,256 contributions

jim email me at yourloanpartnerforlife.com i have a broker in ga

Jul 14th 2012
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Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,256 contributions

jim correction yourloanpartnerforlife@live.com

Jul 14th 2012
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Joel Lobb (kentuckyloan)
#3 ranked lender in Kentucky - 192 contributions

no one

Jul 14th 2012
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Axel Logan (mayfunds)
#567 ranked lender in California - 7 contributions

We provide loans to people in need of financial assistance. Apply for a personal loan at a low interest rate, with no credit check. e-mail us now for your financial solution. e-mail: mayfundsinc@live.com

Jul 15th 2012
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Ralph Richard Guertin (ralph@absolutelowrates.com)
#58 ranked lender in Georgia - 807 contributions

You should be able to find a Private investor willing to loan you money at 70% LTV max depending on the rest of your risk profile and at around 7-8%

Jul 15th 2012
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Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

You will not qualify for an FHA, USDA, or conventional loan. Depending on your income, credit score, and down payment, there are other options for you.

Jul 16th 2012
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