Mortgage Qualification???

I want to know when will I be able to qualify for any kind of mortgage again. I had a FHA mortgage that was forclosed on in 2007. I am told that I will not be eligible for another FHA loan until 2010. I also have a bankruptcy that has been discharged for the past two years. I have been rebuilding my credit and my scores are mediocore right now. I am ready to buy another home and stop renting. Any advice?


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5 Responses to “Mortgage Qualification???”

  1. Biggie @ Arbor Mortgage says:

    You may have to wait even longer because of a foreclosure after a BK. You will have to keep renting for the meantime unless you have a considerable down payment.

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  1. It is often helpful to visit your bank or selected mortgage company to seek pre-approval for a loan amount before you start shopping. When a lender completes a pre-qualification assessment, they look at how much home you can afford ...

  1. Pre-approval, on the other hand, is a step up from pre-qualification, where you'll receive a particular amount of mortgage sometimes attached with specific conditions. You can apply for a pre-approved mortgage by sending a letter to ...

  1. Easy Qualification ? The FHA loan insures lenders against loss for loans made to properly qualified FHA home loan borrowers. So you're likely to find FHA mortgage loans with terms that make it easier for you to qualify. ...