My condo foreclosed on June of 2005 the sheriff sale, how long after that can I apply for a mortagare in Michigan? or should I land contract the home I am currenlty in?
Previous post is correct 24 months is the cut off typically, Though there are lenders who will overlook that. When you do go for the new loan, have your landlord write you a letter stating you have been perfectly on time with payments in your current residence. That will be used by your broker as a Tradeline - considered same as a mortgage payement by lenders. So that will help your case.
If you can get a good lease right now with an option at todays price, might want to do it, if not and you decide to buy - tell you broker to shop your loan with lenders who will have only 12 months foreclosure cut-offs. They are out their, I have done loans for my clients with them. If your broker says he doesnt have them, give me an email and Ill handle your loan.
Previous post is correct 24 months is the cut off typically, Though there are lenders who will overlook that. When you do go for the new loan, have your landlord write you a letter stating you have been perfectly on time with payments in your current residence. That will be used by your broker as a Tradeline - considered same as a mortgage payement by lenders. So that will help your case.
If you can get a good lease right now with an option at todays price, might want to do it, if not and you decide to buy - tell you broker to shop your loan with lenders who will have only 12 months foreclosure cut-offs. They are out their, I have done loans for my clients with them. If your broker says he doesnt have them, give me an email and Ill handle your loan.
Good luck.