Reply
New Member
Posts: 2
Registered: ‎09-24-2012
0

I'd like to buy a house next year, almost 4 years after foreclosure. Dallas, TX area

I doubt it, but just wondering if there are any conventional loan programs out there for us or are we pretty much locked into FHA? Would love to avoid MI.

 

Credit scores are around 720 for both of us.

Combined gross income is $150,000, net income much less because we're both self employed Net income about $100,000

He has a 1099 from a company and has been in the same industry 13 years (except for 7 months unemployed in 2010-2011)

Foreclosure took place in AZ 5/11

 

One car loan for $363

We charge most expenses and pay off every month, no other debt

 

We'll be looking for houses at $200,000 max and so far have $75,000 for down payment and closing. A parent may also gift us $20,000-$30,000.

 

Thanks for any insight into our situation

 

Established Contributor
Posts: 670
Registered: ‎03-21-2013
0

Re: I'd like to buy a house next year, almost 4 years after foreclosure. Dallas, TX area

Well in my experience,  I had a foreclosure with a title transfer date of 6/2010.  so just over 4 years.  My mortgage banker said at 5 years they could have gotten me into conventional.  It iddn't matter the credit score it ws the timing.  

 

But you sound similar to me (only you have better Credit score).  I am putting 10% down and FHA.  other then the foreclosure my file is totally clean.  and their exact words were "FHA is going to love you"  

 

I am totally thru underwritting and the only conditions are for the property which can't be satisfied until the house is built.  

 

A heads up make sure you have your foreclosure deed.  I ahd to send back to my county to get a copy and that took about 2 weeks to receive.


Starting Score: 570 ish
Current Score:EX (694) 10/2/2014, EQ (686) 10/2/2014, TU (684) 10/2/2014 (ALL MORTGAGE PULLS)
Goal Score: 750
In My Wallet: GE Care Credit (8K) BestBuy (6K) BofA Cash Rewards Signature Visa (5K) Cap One Quicksilver (4.5K) Chase Freedom (4K) Lowes (2.8K) VS Angel Card (1300)
New Member
Posts: 2
Registered: ‎09-24-2012
0

Re: I'd like to buy a house next year, almost 4 years after foreclosure. Dallas, TX area

Yeah, I figured it would be the timing that would make it impossible to do a conventional.  Since I have to do FHA, I'm thinking I'll do a 15 year since the MI is a lot less monthly than a 30 year.  If rates stay good I can always refinance into a conventional if it makes sense to do so.

Super Contributor
Posts: 8,356
Registered: ‎09-28-2007
0

Re: I'd like to buy a house next year, almost 4 years after foreclosure. Dallas, TX area

There are some conventional loan programs (at least out here in CA) that will do 2 years out of foreclosure with 30% down, but the rates still make the payment higher than when you factor in FHA with PMI. 

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.