What are the chances of obtaining a mortgage four years after a foreclosure, with good credit since then.
RE: Mortgage and past Forclosu Mr./Ms. Walker: This depends a great deal on the extent of your good credit today, subject property equity, and the circumstances concerning the foreclosure. Sub-prime mortgage lenders that will do a deal after foreclosure are still around, but getting harder to find since Conti Financial went under (they were a BIG lender in this category). Also you should be prepared to pay a much higher rate, although I think United Lending Group still does these harder money loans within reason. Nonetheless, my suggestion would be to try and find private funding perhaps through a local Real Estate consortium. In this case youâ??d be dealing with small investors, sometimes directly with the folks who would be loaning the money. Also keep in mind that equity will be a consideration no matter whom you approach as it relates to LTV (Loan To Value), in that the more down you place the better. Wish I could be more specific albeit a more detailed answer to your question entails a number of variables, too cumbersome to adequately address in this forum. In any event, a mortgage can be had after foreclosure if one is persistent. So hang in there! Keep The Faith, Anthony
RE: Mortgage and past Forclosu As long as you have good credit since the foreclosure, you should be O.K. A Paper loans require 4 years out BK/Forclosure, so you do have a chance. They are going to look at total credit history and ASSETS, the more the better. There are many Sub-Prime programs available but the rates and/or down payment are higher. FHA only requires 2 years but any slow pays or other derog credit will be evaluated harsher than if the foreclosure never happened. I suggest you make sure the date listed on your CR is correct then try FHA before you look at Sub-Prime options. David W DWacaser@LandMarkmtg.com
