Mortgage Loans

[capa714]

  So I just hit the 3 year mark for my forclosure but wells fargo and bofa both told me to come back after 4 years. spoke with a loan broker and she told me seven years that I have to wait but I have read on here and a few other place that people our getting loans after 3 years so with that being said Does anyone know of a good Loan Officer after a forclosure in California?

[cclee]

Were you applying for FHA loans?

[capa714]

Yes.. I appied for FHA and Homepath, I dont meet the income requirements for usda.

My credit history in a nut shell.

forclosure 10/02/09

short sale 08/1/10

bofa charger off /paid but  after charge off

bofa charge off/ paid but after charge off

hsbc charge off/ settled

capitol one  charge off/settled

bofa charge off/ settled

gm credit card/ ative no lates

car loan/ active no lates

wells fargo credit card/ active no lates

care credit, credit card/ active no lates

I have other accounts but theyhave been closed and were in good standing

My score for TU is 676 EQ 665 EX 659

My income is 117k year and very little debt

I just keep being turned away because of the Forclosure. 

so if you should know of a lender or broker that can make it happen let me know

[cclee]

From what i've been told from a loan officer, is that to not even bother until it's 3 yrs past the foreclosure sale, you show yours was in October of 09'.  Did you miss payments on the short sale?  If the short sale went 120 days then I believe that FHA considers it a foreclosure as well, i'm not an expert but this is what i've been informed of when looking into buying after a foreclosure, I have to wait until Nov. of this year.  Oh and Homepath is a conventional loan, so that would be 7yrs post foreclosure.

[mrordinary]

Yes, you'll need to wait until it has been 3 years to apply. My FC was in 12/2008. My first mortgage app was Dec 2011. Scores were too low, but the LO didn't even bring up the foreclosure. Recent app just went to underwriting. No questions asked about the foreclosure. We are doing FHA.

[ChazBoomer]

You need to find a lender who doesn't have overlays.  According to FHA guidelines, you qualify, however investors are free to have stricter guidelines to minmize risk.  But there are some lenders out there who don't have overlays.  You just need to call around and find them.  Its not easy.