we had a foreclosure 12/8/2012. we want to buy a house now. Is it possible to go with a conventional loan?

FHA guidelines require that 3 years has passed from the day the home was foreclosed. The clock does not start when you move out, or hand the keys' back to the bank, it starts when the deed to the home is no longer in your name.. There have been many scenarios when the homeowner moved out to let the lender foreclose, and the lender didn't actually foreclose until a year or two later.. so it's important you know when the home ACTUALLY foreclosed and the deed was taken out of your name, since that's when the clock starts ticking.. if the home foreclosed 12/8/2009, then you can apply January 1, 2013... You will have to have sufficient credit scores, open active credit, sufficient income to service your total debt, and provide all your supporting documentation such as tax returns, pay stubs, bank statements, etc... The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

You are going to have to use FHA for your next loan. FHA requires three years from the date the property transferred OUT of your name. This is the date they recorded the Foreclosure Deed. In many cases the bank does not record the deed until well after the foreclosure auction (Trustee Sale), unless there is a winning bidder other than the bank. Banks realize that once the property is in their name, they become liable for all kinds of things like Maintenance of yards, Homeowner Association Assessments, pool hazards, etc. If no one bids at the Trustee sale, the bank forecloses, kicks you out but does not record the transfer deed. You are probably pretty close to being eligible. We need to find out the actual transfer date to when we can close escrow. I'd be happy to help. Contact me and we can get the ball rolling. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Hello Pam,Foreclosures - The standard time frame since completion of the foreclosure is 84 months. However, you should be eligible for an FHA loan after 3 yrs have passed. FHA rates are just as low as conventional loans, only require 3.5% down and usually offer closing cost credit. All depends on the circumstances. Let me know if you have any further Q's. Feel free to reach out to me directly!Ivan

No Conventional Programs for you, but you may be able to find a hard money lender willing to lend you money if your down payment is large enough. Best Of Luck!

Sorry, just realized that you said 2009. You can Apply for an FHA loan 36 months after the completion of a foreclosure.

Yes you can! Give me a call and I will assist you. You can also reach me at bparis@mhmb.comThanks!Brian

We can finance you with FHA 3 years out from the foreclosure. Furthermore we have programs with 1/2% down. Give me a call and we can get you started. 888-320-7888 - www.MortgagesforAmerica.org - Ken Burrows

It may be possible but it will be very difficult to get an approval, especially if you need PMI for the loan.