Possible to buy a house if I had a foreclosure a few years ago?

I had a foreclosure in January 2007 and I want to buy another house. They have told me that FHA loans require 3 years from that date, so 01/2010 but I’m wandering if its possible to get it before then. I can place down 10-20% down payment and have a excellent employment history.

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This entry was posted on Friday, September 25th, 2009 at 9:39 pm and is filed under FHA Foreclosure. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
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2 Responses to “Possible to buy a house if I had a foreclosure a few years ago?”

chatsplas says:

September 25, 2009 at 9:39 pm

Possible but NOT probable.
Have to be conventional, not FHA loan, which will require 10-20% down. Larger your down payment, lower your debt ratio, higher credit rating, the better your chances.
Your credit score may just be too low at this point. Underwriting standards are stricter than when you bought last home. Need excellent credit, stable employment, adequate income, sufficient down payment, excellent credit, low debt ratio to get mortgage approval.
Kevin Simpson says:

September 28, 2009 at 4:37 pm

I agree with Chatsplas…
You must don’t have the condition necessary to do it.. In this point, banks and agencies are very hard to let a loan happen

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