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Mortgage IIB. How long til I can own?

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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?

Starting Score: 596 EQ 5-22-11 / 554 TU 5-23-11
Current Score: 615 EQ 08-15-11 / 631 TU 09-27-11
Goal Score: 700+


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Message 1 of 6
5 REPLIES 5
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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.

Helping people with Mortgages (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
In Irvine, CA and lending in all 50 states

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Message 2 of 6
Frequent Contributor

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.

Starting Score: 596 EQ 5-22-11 / 554 TU 5-23-11
Current Score: 615 EQ 08-15-11 / 631 TU 09-27-11
Goal Score: 700+


Take the FICO Fitness Challenge
Message 3 of 6
Community Leader
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.

Helping people with Mortgages (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
In Irvine, CA and lending in all 50 states

Information that is needed to determine if you qualify for a mortgage

Message 4 of 6
Frequent Contributor

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

Thank you so much. That's exactly the information I needed.

Starting Score: 596 EQ 5-22-11 / 554 TU 5-23-11
Current Score: 615 EQ 08-15-11 / 631 TU 09-27-11
Goal Score: 700+


Take the FICO Fitness Challenge
Message 5 of 6
Community Leader
Super Contributor

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

You are welcome.

Helping people with Mortgages (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
In Irvine, CA and lending in all 50 states

Information that is needed to determine if you qualify for a mortgage

Message 6 of 6
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