Home equity loan seeking and have a foreclosure

[Anonymous]

We have a foreclosure on our credit scores which is 2 yrs old.  This was from a rental home.  Since then, we have sold our primary home and purchased a new primary home and were able to pay all cash for the home.  With poor credit still and a foreclosure and yet 100% equity in a home... any thoughts about qualifing for a home equity loan. Is there a possibilityfor a home equity loan or do we need to wait out the full 3 yrs for the foreclosure.  

Thank you!

[StartingOver10]

3 years if you are going for a FHA mortgage on your current home (cash out refi) and a min of 4 years if you are going for a conventional cash out refinance.

There are other loan products that may work for you, but they are subprime type products and it would be best to wait out the time period so you can get into a good loan rather than a high interest loan.

Cash out refi's and HELOCs have more stringent qualifying criteria than a first mortgage IIRC. However since you own your home free and clear that is a huge compensating factor. Maybe one of the loan officers can pop in an elaborate here.