pmoreno95 10 Posted October 5, 2007 Report Share Posted October 5, 2007 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. Link to post Share on other sites
newbie7069 398 Posted October 5, 2007 Report Share Posted October 5, 2007 I'm moving this to the Mortgage Forum, as you will probably get better answers here. Link to post Share on other sites
pmoreno95 10 Posted October 5, 2007 Author Report Share Posted October 5, 2007 Thanks, I'm still trying to get the hang of this. Link to post Share on other sites
mmoore78 10 Posted October 7, 2007 Report Share Posted October 7, 2007 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. Link to post Share on other sites
dcoolcatt 10 Posted October 14, 2007 Report Share Posted October 14, 2007 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 postingWe 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. Link to post Share on other sites