After Foreclosure .....

[Blue_Ray]

After Foreclosure, how long is it before you can have a bank finance a home if you ever wanted to own a home again?

Say for example:

I foreclosed 24 months ago and I have 50% down payment..... would a bank approve my loan and what kind of rate would / should I expect??

Thanks

[chloe0724]

I think you're going to have a really hard time getting a loan from any bank in today's market. Even with 50% down. You may be able to go FHA.

[StartingOver08]

Blueray, the underwriting criteria is changing all the time now. If you have 50% to put down you are a good candidate to purchase a home with private financing. Not all sellers are upside down on their homes. There are sellers that have the ability to hold a mortgage because they own their home free and clear. Once the credit markets stabilize then you can refiance the private loan.

[HHM]

Well, with 50% down, someone is going to finance you. (unless we are talking about a mobile home, that may be more difficult). But if you have 50% down to purchase real estate, you can get financed the day after foreclosure, even in this market

[Blue_Ray]

Good to know all.

I just want to see how hard it would be still "If MONEY TALKS"

We're going to hate giving up our home, but I think for budget and always living pay-check 2 pay-check (right now) we cannot get any where or do anything. Driving us nuts!

My wife prefers us to sell it and not foreclose since we just did chpt7 couple months ago.
But I think if we can live go w/ the forecloser we can save some money before we get kicked out then move to an apartment that is affordable on my income alone and have wife go back to school w/ the money we saved up from not paying the mortgage. We're just trying to get ahead again.

I told my DW its not the end, we'll afford a home and be back in one in the near future.

Oh and learned to live 'WAY BELOW OUR MEANS'.

[TEW]

I think you can get another FHA 2 years after forclosure.
yeah me to need veris want