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A little nervous Here!

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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 18
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 18
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 18
Valued 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 18
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 18
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 18
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 18
Established Member

Re: A little nervous Here!

I completed the house inspection last weekend and everything was turned in to my realtor. There are a couple minor things to fix, which the seller agreed to fix. The appraisal have not be ordered yet and i have not send in my bank statement.  I recieved a email saying my documents is now with underwriter. I have not heard from my LO asking me to submit the remaining paperwork. I have a date to close which is Oct. 15 and i have a student loan that is coming out of deferment on Oct. 1. 


Should i wait until they starting requesting documents? should i request for a deferment on the student loan? If i request to push back the student loan for another 6 months until the house buying is over, will that hurt me in any kind of way on the purchase. 


Thank you all in advance for feedback


Message 8 of 18
Regular Contributor

Re: A little nervous Here!

Your loan is with the underwriter now. They will ask you if they need something. Most brokers run your information through a computer program to see if your loan information passes. They are usually pretty good, but underwriters are paid to see issues. At this process, you may have to write letters of intent to the underwriter, your broker should help you. They are simple like, "I have paid Company X and the debt is settles" or "I am paying Company Y as aggreed".


The underwriter will need the apprasal and other supporting documents. So your next step is a conditional approval. Most of the time they are just waiting for the appraisal to arrive. Once the conditions are met, the loan is re-submitted and soon after you should get a clear to close.

Stickin' together like flour and water to make that Sloedough. We worked for everything we have, and goin' to stick up for each other, like we are brothers from another mother. Kinda like Mel Gibson and Danny Glover.
-  "OutKast, Return of the G"
Message 9 of 18
Established Member

Re: A little nervous Here!

Am I out of the woods?  Received my conditional approval last Friday. Toda, scanned my bank statements. So I guess I wait, which is the nervous part.  


Message 10 of 18