Foreclosure and buying new home again

[techgirl]

My home was foreclosed  and sold May 17, 2008.  How long  do I  have  to  wait before I can get a home loan again?

[Anonymous]

I was told by my LO 3 years from date of title transfer. So, May 2011 in your case.

[Anonymous]

you need to check your county record office and see when the title was transfered out of your name.  OFten time homes do not sell at auction and then they stay in the bank's inventory until they put it on the market and sell it.  This can delay the actual recording of title transfer for quite awhile.

Also, the 3 year is a minimum.  The bank is going to look hard at credit rebuilding and rental history, etc between 08 and whenever you buy, so the 3 year mark is not a magic number, just a minimum.

[techgirl]

Am I looking for a Notice of Sale with the County?  As far as rebuilding, we have never missed a rent payment or any other payment and we are paying off our credit cards. Our credit is 673 right now. I expect it will go up as we continue to pay things off.  We also want to save 20% to save for a home.  It may take us a little longer than 3 years to get all of our ducks in a row anyway.  Our credit was perfect before the foreclosure, well, not perfect 760 range.

[techgirl]

Actually, it looks like 5/2009 from the Notice of Trustee. Then it sold again...?

[techgirl]

Okay, the Assignment of Deed was done 11/08. Notice of Trustee Sale was done 5/2009.  Okay, I found the Quit Claim for the party who bought it from a corporation? Is that the business that does the deal at auction? (MIAA Enterprises, LLC at auction. It was recorded May 28, 2009.  So, 3 years from that date? 6/2012?

[ShanetheMortgageMan]

It should go by the trustee sale date (when the foreclosing lender legally retook possession of the home), so since your trustee sale date was 5/09 you should be good to go in 5/12. 

[Anonymous]

My question is this.  My home was foreclosed upon May 7, 2009.  At present, my scores are as follows and the foreclosure does show up:  Experian 685, Equifax 716, and transunion is 742.  I am wondering if I could get a home loan through Cal-Vet?  I am eligible for a loan and am just wondering what effect foreclosure will have on my chances.

[ShanetheMortgageMan]

CalVet is a bit more conservative than your regular VA loan.  CalVet is a state run program for Veterans, so it doesn't follow the same exact guidelines that regular VA loans use.  Typically they won't lend to borrowers who have had a foreclosure in the last 2 years, even 3 if there isn't enough re-established credit or if employment has been spotty.... since you have good scores, you should be OK at the 2-year mark.  But you'd also be OK for VA at the 2-year mark as well, and CalVet has significantly higher interest rates than VA loans do (about 1% higher).