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Old 09-03-2012, 06:10 PM
 
3 posts, read 5,118 times
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We are looking for a lender/mortgage broker who has experience with FHA loans. According to the FHA site it's possible to get a loan even with a previous foreclosure (Older Than 3 Years) and a couple of bad credit cards debt as long as the Debt/Income ratio is good, and the score is high enough. If anyone knows of an experience straight forward person they could recommend I would appreciate the referral.

Thanks!
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Old 09-03-2012, 06:16 PM
 
Location: The Greater Houston Metro Area
9,053 posts, read 17,191,612 times
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Justin Henneke 979-255-5686

That's true about the foreclosure and debt/ratio - but it is getting almost impossible without a 640 minimum credit score. Do you know yours?
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Old 09-04-2012, 04:01 AM
 
3 posts, read 5,118 times
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Quote:
Originally Posted by cheryjohns View Post
Justin Henneke 979-255-5686

That's true about the foreclosure and debt/ratio - but it is getting almost impossible without a 640 minimum credit score. Do you know yours?
Yes, I do know my score and if 640 is the required, I am slightly under by a few points. Need to utilize the Credit Agency estimate tool to find out if I need to wait for an inquiry to drop off. Credit card balance is at 0% of limit. Thank you for the information, I will contact him this week to see if he can sit down with me and discuss my options as well.

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Old 09-04-2012, 07:41 AM
 
833 posts, read 1,885,106 times
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Keep saving and let your credit repair itself, before you know it you will have 20% to put down and can qualify and avoid PMI. You already have one foreclosure, why take the chance of getting a 2nd one if a bad situation occurs again. At least with 20% down if something happens and you need to sell you will most likely have enough equity to sell the home outright.
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Old 10-22-2012, 11:23 AM
 
3 posts, read 5,118 times
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Quote:
Originally Posted by jtothemak View Post
Keep saving and let your credit repair itself, before you know it you will have 20% to put down and can qualify and avoid PMI. You already have one foreclosure, why take the chance of getting a 2nd one if a bad situation occurs again. At least with 20% down if something happens and you need to sell you will most likely have enough equity to sell the home outright.
Thanks for the advice. The previous Foreclouse is the exact reason I would prefer to do the FHA as opposed to 20% down. My previous home was in Florida and the value dropped by 50%. It's different in every market and situation. But for most people I would agree with the 20% down rule in a stable area.
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Old 10-22-2012, 12:20 PM
 
Location: Houston area
1,408 posts, read 4,052,755 times
Reputation: 639
Definitely possible. Message me if you need another opinion. I have a great contact that can evaluate it for you.
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