Mortgage after FORECLOSURE (2 yrs. 10 mo.) with a CO-SIGNER?

[artgood]

Anyone have experience getting a mortgage after a foreclosure with a co-signer? We are just about 2 1/2 months out from the 3 year waiting period, but we have to move NOW because our landlord has sold the house we are renting.

[tobee43]

i can only comment that we were going to be co-signer at just under 2 years for one of our family members and the lender who actually was great said as soon as you hit the 2 year mark come on back. now, artgood this is somewhat of the reverse, as we were NOT the one's requesting the mortgage, just going to be co-signer to help with the income requirements.

it doesn't hurt to call around. i would start with someone like quicken loans and give them a call just to find out what they say. then maybe you can approach a bank...or even them. we actually prior to our bk had a few re-fi's with them and they were great. i also heard they are the one's servicing mods for greentree clients (those who's mortgages are being services by greentree who are the WORSE!). wouldn't hurt to make a few calls. the worse that can happen is you get a NO and for everyone of those it puts you closer to the YES

best of luck!

[HHM]

Even if you were pre-qualified today, it would still take 1-2 months to close on a house, assuming you found one right away, made a good offer, and it was accepted.

Have you already found a house for sale upon which you can make an offer. Do you have AT LEAST 3.5% down payment?

If you find a mortgage broker that has experience working with poor credit buyers, he/she can probably get you pre-qualified for purposes of shopping for a house and making offers. So, by the time your loan reaches underwriting, you are at or past the 3 year mark. But understand, reaching the 3 year mark is no guarantee.

Are your credit scores north of 680, Is your monthly payment (PITI) less than 25% of your gross monthly income, Do you have 3.5% down payment or more. If you answer no to any of those questions, even a co-signer is not going to be much help.

[tobee43]

hhm, that pre-qualifing just ain't what it use to be in the good old days. you can get pre qualifed easy based on income. it's that getting the actual mortgage through is the issue. and, as you have pointed out that pre qualification only gets a broker to work with you.

i just keep going back to the story that happened last year with our daughter ....a credit score of over 800 two professionals apply for a mortgage it's approved. they have a closing date. have the inspection, everything is good to do. the truck is hired the house is emptied. as they go to shut and lock it up the realtor calls and says sorry your mortgage lender backed out. WHAT? true story and they had to small kids 2 and 3. they had to go to a hotel and then rent a houses asap. so, nowadays it's just simply crazy!!

also as hhm points out:

HHM: Are your credit scores north of 680, Is your monthly payment (PITI) less than 25% of your gross monthly income, Do you have 3.5% down payment or more. If you answer no to any of those questions, even a co-signer is not going to be much help.

its a good rule of thumb for certain and the more you have down maybe the better you chances are. i know we are thinking about buying another place with the next few years and either will do it cash or have such a large downpayment we will hope we will not have any issue....although we should be well over 5 years out. who knows anymore. just recently on this forum someone got a VA done in less than a month!!! so we may try that route if we decide to go for another house.

best of luck to you, i'm certain it will work out. when?? maybe soon it's hard to tell with these banks.