Chances of being approved after foreclosure?

[Anonymous]

Long story short. Had a home that went into foreclosure 2013. Home sold in Referee Deed in 2015, title transferred out of our name 5/2015. Our 3 year mark for purchase after foreclosure has passed. On paper we should be a shoe-in - I think

No negative on either credit report. Lowest credit score after being pulled by mortgage company is 746 (other scores are 770 and 768). The foreclosure never appeared on our credit report - another long story. It did appear in title search - that is where we got the May 2015 date from  - the mortgage company that has been with us for the last 3 years waiting to be able to apply told us when we could apply again.  They are familiar with our story because we applied for the "back to work" program a couple years ago. Annual income is 127,000 + 27,500 bonus (mine alone - I've received this bonus 12 years). Have been with the same employer for 13 years. My total debt on my credit report totals $1006.00. I have never missed a payment on a car or a credit card since I have established credit. I have 1 credit card (same card for 17 years and 2 cars) Lost the house all those years ago because my income was lower and my spouse lost their job. I am applying this time based on my income alone. What could go wrong? There are no lingering collections. I paid my student loan off 12 years ago. I pay all my bills on time always. 

[VALoanMaster]

Hi Te0069,

What type of mortgage did you have, FHA, VA, USDA, Conventional or other?

If it was FHA, VA or USDA you may be listed in the CAIVRS system which could be a problem if your lender isn't familiar with it & if they wait to check CAIVRS until your file is in underwriting. What type of loan are you applying for?

If you're not in CAIVRS, it looks like you'll be fine.

[Anonymous]

Thank you. I don't remember what type of loan we previously had. Should I mention this CAIVRS thing to my lender? What is CAIVRS? I am applying for a FHA loan because of the shorter waiting period. I have been waiting since 2009 to own a home again. 2009 was the last time I made a payment on the foreclosed house. The foreclosure process did not start until 2013.  

[Anonymous]

I just found the original loan documents for the foreclosed home...it was a conventional loan. So, no worries about CAVRIS?

[VALoanMaster]

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@Anonymous wrote:

Thank you. I don't remember what type of loan we previously had. Should I mention this CAIVRS thing to my lender? What is CAIVRS? I am applying for a FHA loan because of the shorter waiting period. I have been waiting since 2009 to own a home again. 2009 was the last time I made a payment on the foreclosed house. The foreclosure process did not start until 2013.  

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CAIVRS is a database for people that either owe the government money or they've defaulted on government backed loans. Any time you apply for a government backed loan your social is run through the CAIVRS system. I would see if you can figure out what type of mortgage you had previously first. If you cannot find that info then I would mention it to your lender. If you mention CAIVRS to your lender & they don't know what it is, I would think about finding a more experienced lender.

[VALoanMaster]

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@Anonymous wrote:
I just found the original loan documents for the foreclosed home...it was a conventional loan. So, no worries about CAVRIS?

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yeah you should be clear then.

[Anonymous]

It was a conventional loan.