When can I even consider applying for another mortgage?

[EW800]

Hello All,  

I am wondering at what point I could even consider applying for a mortgage and have a chance of approval?

Our Story:  We went through a foreclosure a bit shy of two years ago.  It was a forced relocation by my employer in order to remain employed.  We were upside-down at the time, and had the mortgage company from hell that just would not work with us (had two cash offers that the mortgage company turned down for short sale).  Since that time, we have done all we can to recover score wise - everything since paid on time and have brought CC UTIL down to about 3% or so.  You can see below where are scores are today - not great, but WAY better than where they were....  

I know no matter how high we get the scores up, the foreclosure on the record will hold us back.  Can anyone give any idea at what point we could even consider applying.  Perhaps at three year point, or would it need to be longer?  

Thanks!

[ezdriver]

All is not lost. You can qualify for an FHA mortgage when your foreclosure is three years old. At that time, make sure that:

1) You have had no late payments

2) You have established credit [three or more tradelines in good standing] and

3) Little or no derogs [other than healcare bill related]

I had a foreclosure in 2010 and a ch7 discharge in 4/2013 and I'm currently in underwriting for an FHA koan under the Back To Work program. There is life after beig credit events like bankruptcy and foreclosure. Don't think otherwise.

[EW800]

Thanks, EZDriver.  It is great to know that you have recovered so well!  

You are not kidding in regard to there being life after such a bad event.  At the time I thought we would be screwed for many, many years, however the recovery score wise has been MUCH quicker than quite frankly I ever anticipated.  I never even for a moment thought we would be north of 700 by this point.  I am not sure how much higher I can get it with a foreclosure and a credit card settlement showing, however as the foreclosure and settlement age, and I keep UTIL at 2-3%, I am hoping that in the next year I will see a few more points come my direction.  

Thanks again for sharing your experience!