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Three things that an underwriter is going to look at.
1.Your income
2.Your assets, such as savings account,stock portfolio, other real estate.
3.Your credit history
On the first 2 points you score highly.You can offer to put down a big down payment to enhance your chances.
Was it a true foreclosure or a deed-in-lieu? Huge difference.
Sellers who are trying to sell a home with deficiencies which they consider to be cosmetic (and sometimes are) are more likely to have to address them with a FHA or VA appraisal. Conventional is more straightforward.
Also, big deal here for you: By the time you purchase, FHA mortgage insurance will be part of your payment for the entire life of the loan, not just the first 78 months (minimum). Just something to think about here.
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