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Channel: Trulia Voices: A friend of mine have a forclosure on his credit report but he has 50k in the bank, earns 95k a year. Can he be approved for a home, and if so what?
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Answer by Jorge Vega

You need to speak with a loan officer regarding this. Try speaking with two or three different banks. If you need referrals feel free to contact me. Jorge Vega 773-627-7608

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Answer by Philip Sencer

My web site has some lender references. Give them a call.

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Answer by Matt Laricy

I would speak to a lender directly about this.

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Answer by Matt Bukovy

Spice, Your friend can buy as soon as he wants, if he pays cash. If he wants to qualify for a mortgage, he'll have to wait at least two years for a VA loan, 3 years for an FHA loan, or 4 years (if he's...

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Answer by John Potter

He can clean up his credit by paying back what he owes for the foreclosure.

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Answer by David Hanna

Your friend has to allow for some time to establish his credit, and depending on the circumstances of the loan, a wait of at least two years and probably longer before he can buy again, unless he is a...

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Answer by Ivan Sagel

How long ago was the foreclosure? It might be possible to get a pre-approval now or in the near future. Contact me for some lender referrals. Best of luck, Ivan Sagel 312.515.7823 Ivan@atproperties.com

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Answer by Bill J Deligiannis

#1: Have your "friend" speak to a lender #2: He can buy anything he wants for CASH #3: As per the foreclosure, it depends on how long ago it happened. After a few years he should be able to qualify...

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Answer by Peter Kedzior

Some banks, including Citizens/Charter One Bank may be able to get your friend approved for an FHA mortgage as quickly as 2 years after the foreclosure. Each situation is a bit different so the best...

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Answer by Carl Ben Witzig

Fannie Mae rules are 2 -years after forreclosure a borrower may jump back in. But as you might expect, someone may loan money for a price. Be careful.

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