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bbclarke97
Joined: 05 May 2009
bbclarke97's page
Posts: 1
31 Magic Points
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Subject: Need Small Loan After foreclosure
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Tue May 05, 2009 12:37 am
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| Had a recent foreclosure on our $800,000 home, but can now make a down payment of $125,000 on a $185,000 home. Will we be able to get a lender to finance the additional $60,000? |
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Mary
Joined: 06 Jul 2006
Mary's page
Posts: 730
17413 Magic Points
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Tue May 05, 2009 6:39 am
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Hi bbclarke
Since you are able to make a down payment of at least 35% of the property value, you may qualify for a finance of $60000. Moreover, the finance will also depend upon your credit score, since your score will fall after foreclosure. Can you tell me how much is your present credit score?
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Where there's a will, there's a way !! |
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Justin
Joined: 17 Jul 2006
Justin's page
Posts: 1093
25288 Magic Points
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Tue May 05, 2009 6:57 am
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Yes, you can get a new mortgage loan after one year of foreclosure, but the rate of interest on such loans will be much higher. However, if you can wait for two to three years after foreclosure, you can get loan at a much lower interest rate. You can also qualify for FHA loan after 2 years if you have a score of 600 and above.
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All the Best 
Justin |
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Beverly Clarke
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Tue May 05, 2009 1:43 pm
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| Our credit scores right now are each over 725. |
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GarySnober
Joined: 08 Apr 2009
GarySnober's page
Posts: 67
6 Magic Points
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Tue May 05, 2009 4:40 pm
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| Yes you should have no problem with getting a loan of that amount with a score of 725. Any reason why you are putting down so much money upfront? And yes your score will drop by over 100 points for the foreclosure. |
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Justin
Joined: 17 Jul 2006
Justin's page
Posts: 1093
25288 Magic Points
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Wed May 06, 2009 8:49 am
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Hi Beverly
Since you have a score over 725, I don't think that it will be difficult for you to get the finance. But if your foreclosure is at least 2 years old, you can get the loan at attractive rates.
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All the Best
Justin |
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rachael
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Subject: Small Loan After foreclosure
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Sat May 09, 2009 9:25 am
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Hi bbclarke,
You have a good credit score even after foreclosure. It is likely that you qualify for a loan. To ensure that your loan application is not denied, check these tips:
1) If you do not have any other negative mark on your credit report except for the that foreclosure, you could get a letter of recommendation form your employer. It should state that you are at trustworthy.
2) Keep making timely payments of all other bills to maintain your good credit record. So, that creditors focus on the good items on your credit report to judge your credit-worthiness.
3) Talk to the creditor before you apply for loan. Explain to him in details why you require the loan. You will have to make him understand that it is your necessity and not just a wish-fulfillment.
Good luck to you. |
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