09-06-2012 08:47 PM
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?
09-06-2012 09:23 PM - edited 09-06-2012 10:05 PM
Yes.. I appied for FHA and Homepath, I dont meet the income requirements for usda.
My credit history in a nut shell.
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
09-07-2012 07:56 AM - edited 09-07-2012 09:50 AM
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.
09-08-2012 04:07 PM
09-08-2012 09:53 PM
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.