cancel
Showing results for 
Search instead for 
Did you mean: 

Mortgage IIB. How long til I can own?

tag
Anonymous
Not applicable

Mortgage IIB. How long til I can own?

My wife went a couple banks and CU's this morning. The best she got out of one bank was 3-4 years. Most said 6-7. My name was on the mortgage. Hers was not. But we both want to be on the new house. We want to buy a house next year. It'll be two years discharged next year.

Anyone been able to get a mortgage 2 years after? We plan on 5% down. If you got one, who did you use?
Message 1 of 6
5 REPLIES 5
ShanetheMortgageMan
Super Contributor

Re: Mortgage IIB. How long til I can own?

Was the home foreclosed on?  Do you know when the foreclosure sale date was?

 

If the home was foreclosed as part of the bankruptcy, with VA financing it just requires 2 years from the BK discharge... however with FHA & USDA financing it is 3 years from the foreclosure sale date.  With Fannie Mae & Freddie Mac loan programs it is up to 7 years from the foreclosure sale date.

Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Southern California and lending in all 50 states
Message 2 of 6
Anonymous
Not applicable

Re: Mortgage IIB. How long til I can own?

Yes, the house was foreclosed on about a year before we filed. It was somewhere around March 2009. It was an 80/20 from two crappy lenders. My payment on a $100k house went from $700/mo to $1800/mo after the 2 year ARM on the 80. I had no choice. They refused a loan modification. It was not FHA or USDA.
Message 3 of 6
ShanetheMortgageMan
Super Contributor

Re: Mortgage IIB. How long til I can own?

So you'd have to wait for both of the events to meet their seasoning (time) requirements - foreclosure being 3 years and bankruptcy being 2 years.  You said the BK will be 2 years discharged next year in 2012, and your foreclosure will be 3 years old about March of 2012, so if your BK was discharged in March or earlier of 2010 then in March of 2012 you'd have met both seasoning requirements for new FHA financing.

Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Southern California and lending in all 50 states
Message 4 of 6
Anonymous
Not applicable

Re: Mortgage IIB. How long til I can own?

Thank you so much. That's exactly the information I needed.
Message 5 of 6
ShanetheMortgageMan
Super Contributor

Re: Mortgage IIB. How long til I can own?

You are welcome.

Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Southern California and lending in all 50 states
Message 6 of 6
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.