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A little nervous Here!

Established Member

A little nervous Here!

If you show a Final Judgement of Foreclosure on March 17, 2010 and it went into public sale on June 21, 2010 and he was purchaased June 24, 2010.  I have have been preapproved for a mortagage loan on Aug. 23, 2018. Will this effect my home buying in Arkansas? It's been 8 years and it not on my credit. Will this come up on a database? 


Thanks in advancce for all response 


Message 1 of 7
Frequent Contributor

Re: A little nervous Here!



The foreclosure waiting periods vary by loan type. Here is a run down on how they shake out.

1.)  VA - 2 years

2.) FHA - 3 years

3.) USDA Rural Development Loan - 3 years

4.) Conventional - 7 years

5.) NonQm/Portfolio - 1 day

6.) Private or Hard Money - in foreclosure okay


Of course there extenuating circumstances that can lower the waiting period, but you certainly don't need to worry about that now as you have cleared the waiting period for all loan programs. Hope this helps you.


Best wishes to you!

Mortgage Banker - Since 1988 offering FHA, VA, USDA, Conventional, Jumbo and Portfolio Loan Products. Licensed in AL, AZ, CA, FL, GA, IL, IA, IN, KY, LA, MI, MO, NC, NE, NV, NJ, OH, OK, OR, PA, SC, TN, TX, VA and WI.
Message 2 of 7
Established Member

Re: A little nervous Here!

First of all Thank you homeloanexpert for you reply Smiley Happy This information ease my nerves, lol lol ...This really made my day.  I have found a house and will put a contract today.  

Message 3 of 7
Established Contributor

Re: A little nervous Here!

You need a Pre Qual/Approval letter to submit an offer. Get to your lender ASAP
Message 4 of 7
Established Member

Re: A little nervous Here!

I did recieved my preapproval letter and I put in a counter offer. The seller has accepted. Now, nervously waiting. 


Thanks for the feedback

Message 5 of 7
Established Member

Re: A little nervous Here!

Last week Friday, I have looked over and signed my Home Loan Disclosures 91pages electronic. My closing date is Oct. 15 . I submitted my Consumer Explanation letter, this is what the lending company is requesting. Ok, So my realtor is saying i have 10 days for home inspection and find home insurance. My question: Is this a good sign everything is on track with a positive outcome? Should i go ahead and pay the $200 for the home inspection? Does the appraisal have to be completed within 10 days and Is that included in the closing funds. 


I'm sorry for so many questions and i probably read it on Friday,  lol

Thanks for feedbacks


Message 6 of 7
Frequent Contributor

Re: A little nervous Here!

Yes, time to get busy finding a inspector, ask your Realtor if they can suggest an inspector and home insurance companies. The ten days gives you a safety net that the house won't be available to other possible buyers.

The appraisal is done by your lender once you find a house you want to buy, this will come later in the process. The expense you are going to have at the beginning is your inspection then escrow, the closing cost is at the end. This is the process we did but I don't know if it is different depending which state you live in.

Message 7 of 7