pmoreno95

Is it true I will not be able to buy a house because of my foreclosure

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Many people have told me i should not get my hopes up because I am trying to fix my credit so I can soon purchase a home. I am going back to pay chargoffs on my credit report and my foreclosure was almost two years ago. I am hoping to be able to purchase a home in the near future but will i be able to or will it be seven years before I can actually purchase a home like i've been told before? The reason we foreclosed on our home was because my husband was laid off for quite some time.

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Many people have told me i should not get my hopes up because I am trying to fix my credit so I can soon purchase a home. I am going back to pay chargoffs on my credit report and my foreclosure was almost two years ago. I am hoping to be able to purchase a home in the near future but will i be able to or will it be seven years before I can actually purchase a home like i've been told before? The reason we foreclosed on our home was because my husband was laid off for quite some time.

You only have to be out of foreclosure for 3 years to obtain a mortgage. What kind of program you can qualify for will depend on your situation at that time.

However, you may be able to obtain an exception to the foreclosure on FHA if you have evidence to prove extenuating circumstances that were not your fault that led to the foreclosure. These would be: death of the primary wage earner (spouse), laid off from job and not able to obtain work for a very good reason, permanently disability of working spouse, etc.

Has to be a VERY good reason. Need evidence and letter of explanation. Otherwise, you will need to wait 3 years from date of sale of foreclosure.

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Yes you can.

First I am new to this forum and I want to thank everyone as this is one of the best websites. This is my first posting

We help people buy homes inspite of a bad track record. We had a client that had a foreclosure (1 year old and we had done a short sale on their first home) and a bankruptcy (2 years since discharge) and they were able to buy a home at 6.5% (just before the market crashed and rates went up).

Now they had 5% down and the rest came from seller consessions.

These days if you have 10-20% down you should be able to get a mortgage if your credit has been clean within the 12-24 months since your foreclosure.

You will have to consult with a decent mortgage broker and believe me they do exist out there though difficult to find. You may also want to try your local credit union as they are more easy to work with. You may not get a great interest rate but you may be able to buy a house.

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