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The Guide to Getting a Mortgage After Foreclosure

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Home foreclosure rates have reached their lowest points in nearly two decades. Just 4% of mortgages nationally are in some stage of delinquency, including foreclosure, according to the latest analysis from real estate data firm CoreLogic. Still, this adds up to thousands of homeowners facing this type of loss every year.

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If you’ve recently gone through a foreclosure, it’s never too early to start preparing your finances and credit profile to re-enter the mortgage market. You’ll have to wait up to seven years before your credit score recovers, but there’s plenty to do in the meantime.

There are several mortgage options available with varying eligibility requirements, and some have shorter waiting periods that you may be able to take advantage of, if you qualify. This article will guide you through getting a mortgage after foreclosure.

How foreclosure affects your credit

Having a mortgage foreclosure on your credit reports is a major credit event that negatively affects your credit history and scores. Your credit scores could suffer a 100-point drop, or more.

The three major credit reporting bureaus — Equifax, Experian and TransUnion — begin reporting your foreclosure once a lender says you’ve missed your first payment. That’s when the seven-year time clock starts ticking.

Research from Fair Isaac Corporation, the company that created FICO scores, found that a hypothetical consumer who had a 780 credit score before a foreclosure could see their score decline by 140 to 160 points, to a range of 620 to 640, once the foreclosure hits their credit profile. A consumer who started out with a 680 credit score could see their score drop to a range of 575 to 595 after foreclosure.

Most mortgage programs have a required minimum credit score that ranges from 580 to 640 to qualify. Most also have set waiting periods for prospective homebuyers who have lost a home to due to foreclosure before they can apply for a new mortgage.

How to get approved for a loan after foreclosure

Each mortgage program has its own set of guidelines and requirements for buyers pursuing homeownership again after suffering a foreclosure. Keep reading for a rundown of how each program handles past foreclosures.

Conventional loans

Conventional loans are mortgages that aren’t guaranteed or insured by any federal agency. However, they are generally purchased by government-sponsored entities Fannie Mae and Freddie Mac, and thus conform to their guidelines. They usually have higher credit and income standards than government mortgage programs.

In order to qualify for a conventional mortgage after going through a foreclosure, you must first complete the required waiting period. The standard waiting period for conventional loans is seven years. However, extenuating circumstances may qualify you after three years.

Fannie Mae defines extenuating circumstances as isolated events that are beyond a borrower’s control and lead to an income reduction or increase in financial obligations, such as a job loss. You will need to provide your loan officer with a letter explaining why you had no reasonable alternatives other than defaulting on your mortgage.

Freddie Mac requires loan files with extenuating circumstances to contain the following information:

  • A written statement about the cause of your financial difficulties to explain the outside factors beyond your control.
  • Third-party documentation confirming the events detailed in your statement were an isolated occurrence, significantly reduced your income and/or increased expenses, and rendered you unable to repay your mortgage.
  • Evidence on your credit report and other documentation in the mortgage file of the length of time since completion of your foreclosure to the date of application and of completion of the recovery time period requirements.

Generally speaking, conventional lenders require a minimum credit score of 620 and a maximum debt-to-income ratio of 45%. A traditional down payment is 20%, though it’s possible to qualify for certain conventional loans with a down payment as low as 3%. Borrowers who make down payments of less than 20% are responsible for paying private mortgage insurance as part of their mortgage payments.

FHA loans

Insured by the Federal Housing Administration, FHA loans are often one of the first options foreclosed-upon borrowers turn to. If you’ve gone through a full foreclosure and repaired your credit, you may be eligible for an FHA loan in just three years.

In most cases, borrowers must have at least a 580 credit score and a 3.5% down payment to qualify for an FHA loan. The absolute minimum credit score is 500, though the minimum down payment increases to 10% of the home price for anything less than 580. The maximum debt-to-income ratio is 43%, though borrowers with higher DTI ratios can be approved with compensating factors.

Although FHA loans require significantly lower down payments and look for lower credit scores than conventional mortgages, most loans are insured by annual and upfront mortgage insurance premiums, which will increase your monthly mortgage payment.

Upfront mortgage insurance premiums cost 1.75% of the loan amount for the majority of FHA loans. Annual mortgage insurance premiums cost between 0.45% and 1.05%, depending on the mortgage term, loan amount and down payment percentage. And unless you put down 10% at closing, you’ll pay annual mortgage insurance for the life of your FHA loan. The only other option to get rid of mortgage insurance is to refinance into a conventional mortgage after building at least 20% equity.

VA loans

VA loans are guaranteed by the U.S. Department of Veterans Affairs and allow veterans and active military members to purchase a home with as little as zero down payment. It’s a compelling benefit, but an underutilized one: 1 in 3 home-buying veterans doesn’t realize they have a homebuying benefit.

Depending on your service commitment and duty status, you may be eligible for a VA loan after foreclosure. This program also allows veterans who have experienced foreclosure to get a new loan more quickly than other programs — the waiting period is only two years.

An important thing to note is that if you borrowed a VA loan to purchase the home you lost to foreclosure, you lose your entitlement, or the loan guaranty that protects the lender in the event you default on the VA loan. During the foreclosure process, the VA must pay a claim to your lender equal to the amount of your entitlement.

To have your VA entitlement restored after foreclosure, you’ll need to repay the VA in full for the claim amount it previously paid out to your lender, in addition to completing the waiting period. This must be done before you can again qualify for a VA loan.

Although VA loans are more lenient on credit history than conventional loans, lenders generally look for a credit score of at least 620.

USDA loans

The U.S. Department of Agriculture provides guaranteed loans to low and moderate-income homebuyers looking to purchase a house in a designated rural area. Eligible borrowers can use the loan to build, improve and rehabilitate or relocate a home.

It’s possible to qualify for a USDA loan after a foreclosure with a three-year waiting period. You must have at least a 640 credit score, though you may be approved with a lower score. The maximum debt-to-income ratio is 44%.

Use the USDA’s property eligibility tool to determine whether an address falls within a designated rural area.

Non-QM loans

For borrowers who don’t fit the standards for conventional loans or those backed by the federal government, another product has emerged — non-qualified (non-QM) loans. These loans are backed by hedge funds and private equity firms, and the additional risk associated with them usually is reflected in larger down payments or higher interest rates.

With non-QM loans, a lender’s primary concern is your ability to repay, and many don’t require a waiting period for foreclosed-upon borrowers.

Depending on how much time has passed since your foreclosure, most loans require at least 20% down, enough money in the bank as a reserve to cover future payments, and an extensive history of documented income.

For example, Atlanta-based non-QM lender, Angel Oak Home Loans, has a program specifically dedicated to serving foreclosed-upon borrowers with bad credit. Their Home$ense program was created specifically for homebuyers who were caught in the recession and mortgage crisis.

Home$ense allows you to begin the application process immediately after your foreclosure has settled. They offer 5/1 adjustable-rate mortgages and 30-year fixed-rate mortgages, each requiring a minimum 10% down payment. The minimum credit score needed to qualify is 500, and they can approve up to $1 million for your loan.

Comparing mortgage costs after foreclosure

A foreclosure can majorly damage your credit score — and your score is a primary factor that lenders determine the interest rates they’ll offer you. Even a small change in mortgage rates can have a big impact on the amount you’ll pay.

For a score that went from 780 down to 620 after foreclosure, your monthly and lifetime costs increase significantly on both conventional and FHA mortgages.

The example below assumes a 30-year mortgage on a $200,000 home with a 20% down payment, or $40,000.

Conventional loan

 780 credit score620 credit score
Loan amount$160,000 $160,000
Interest rate3.84% 5.43%
Monthly payment$749.18 $901.45
Total interest cost$109,705 $164,521
Total loan cost after 30 years$269,705$324,521

The difference in interest for conventional loans at each credit score is nearly $55,000.

The next example assumes a 30-year FHA mortgage on a $200,000 home with a 3.5% down payment, or $7,000.

FHA loan

 780 credit score620 credit score
Loan amount$193,000$193,000
Interest rate3.84%5.43%
Monthly payment$903.70$1,087.37
Total interest cost$132,331 $198,454
Total loan cost after 30 years$325,331$391,454

The cost difference between the two credit score tiers is just over $66,000.

Based on these examples, you can potentially save money by waiting to buy a home until you’ve improved your credit score above 620.

Remember, your credit score, home price and down payment will all affect your interest rate. It’s also important to ask about points, mortgage insurance and closing costs, which are not included in these examples.

Financial risks after foreclosure

Foreclosures have financial impacts that can stretch beyond the damage done to your credit scores. If you’ve had a foreclosure, you need to be aware of the risks associated with deficiency judgements. This is when your mortgage lender tries to recoup any losses they incurred after selling your home in a foreclosure auction.

In some states, lenders have the ability to hire debt collectors to go after your remaining debt, court fees and attorney’s fees, plus any interest that has accumulated.

How does a deficiency judgement work? Say you originally took out a mortgage loan of $250,000, but the value of the home decreased to only $150,000 after the financial crisis. If you foreclosed at that point and your lender sold your home at its current value, the $100,000 difference between the loan balance and the price it sold for would be the deficiency balance.

Although deficiency judgements are not a common problem right now, they could come back to haunt you once you’ve recovered from a foreclosure, secured a better job and have started rebuilding savings. Deficiency judgements are still allowed in most states, and the statutes of limitation range from 30 days to 20 years.

You won’t know it’s coming until you receive a court notice, and many times your debt will no longer be with the original lender. Interest may become one of the largest expenses, especially if your debt is old. And once there is a judgement, you’re on the hook for the unpaid balance.

Boosting your approval chances after foreclosure

Regardless of which type of mortgage you decide to pursue after foreclosure, cleaning up your finances will help the entire process go more smoothly. Consider the following tips to help boost your chances at mortgage approval.

Pay down credit card debt
Paying off your credit card debt completely is one of the fastest ways to improve your credit scores. But if you can’t quite pay it all off yet, work on paying down each card to a balance that equal less than 30% of your credit limit. Once you’ve paid down your credit card debt, you should see the change reflected in your credit score in a couple months.

Don’t apply for other credit
Resist the temptation of increasing your debt burden by applying for additional credit products. This includes car loans, store-branded credit cards and other types of financing. Your debt-to-income ratio is one of the most important factors lenders look for when trying to determine your eligibility for a mortgage — it’s arguably more important than your credit score.

Avoid new blemishes on your credit report
Prioritize establishing and maintaining on-time payments for all your debt obligations. You wouldn’t want to begin new waiting periods for negative events to be removed from your credit reports again.

The bottom line

Losing a home to foreclosure can be a devastating experience, but don’t let it stop you from trying your hand again at homeownership in the not-too-distant future. It’s important to take time to explore all available options, selecting a program that best fits your current financial situation and securing the best possible terms.

Our guide was designed to offer you a comprehensive overview of the options that are currently available, but it’s always a great idea to conduct a bit of your own research. As more borrowers prepare to enter the market in the coming months and years, additional mortgage options may continue to emerge.

The information in this article is accurate as of the date of publishing.

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Mortgage

Getting Preapproved for a Mortgage: A Crucial First Step

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

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Getting a mortgage preapproval is a crucial stepping stone on your way to becoming a homeowner, but it doesn’t mean you’re in the clear to borrow from a lender just yet. A preapproval does give you a leg up over the competition, though.

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What is a mortgage preapproval?

A mortgage preapproval means a lender has vetted your credit and finances and has made an initial loan offer based on its findings. Lenders share this information in writing, so you may hear it referred to as a preapproval letter.

Getting prequalified for a home loan is not the same as a preapproval. Mortgage prequalification provides a rough estimate of how much you might qualify for, based on a surface-level review of your financial information.

A preapproval, however, is a more thorough vetting of your finances and provides a more accurate idea of what a lender may offer in terms of a loan amount and interest rate. You provide financial documentation and agree to a review of your credit profile, which means the lender will pull your credit reports and scores. With a prequalification, you typically self-report your financial information and lenders don’t check your credit.

5 steps to getting preapproved for a mortgage

It’s not worth falling in love with a house until you know the sales price matches up with a mortgage amount you can realistically afford. Here’s how to get preapproved for a mortgage.

  1. Determine your homebuying timeline. The best time to apply for a mortgage preapproval is before you start house hunting. You may want to hold off on a preapproval if you’re not quite ready to begin the homebuying process. Even if you’re not yet prepared, you can get started by pulling your free credit reports from each bureau at AnnualCreditReport.com and reviewing minimum mortgage requirements.
  2. Review and improve your credit profile. With your credit reports in hand, it’s time to look for areas of improvement. The minimum credit score you need for a mortgage varies by program type, but you’ll need at least a 620 credit score in many cases. Dispute any inaccurate information you find, keep your credit card balances low and consistently pay your bills on time. Refrain from applying for new credit and closing any of your existing accounts, too.
  3. Pay down your debt. Pay down your debt. Aside from your credit scores, lenders care about how you manage your debt now and how you’ll fare if you get a mortgage. Your debt-to-income ratio, or the percentage of your gross monthly income used to repay debt, should stay at or below 43%. The less debt you have, the less risky you appear to lenders.
  4. Gather your documents. Lenders will request several documents from you for a preapproval, including:
    • Government-issued photo ID
    • Social Security number
    • Bank statements from the last 60 days
    • Pay stubs from the last 30 days
    • Two years of W-2s or 1099 tax forms
    • Credit reports and scores from all three bureaus
  5. Apply with multiple lenders. Consider banks, credit unions, mortgage brokers and nonbank lenders when applying for a mortgage preapproval, and shop around with three to five lenders to get the best rates. Additionally, keep your shopping period within 14 to 45 days to minimize the impact of those credit inquiries against your credit scores.

How long does a mortgage preapproval last?

A mortgage preapproval typically lasts for 30 to 60 days. The average time to close on a house is 48 days, according to Ellie Mae’s latest Origination Insight Report, so there’s a chance you can get through the full homebuying process before time runs out.

If your preapproval letter expires before you close, you’ll need to go through the process again, submit documentation and have your credit reports and scores pulled, which creates a new credit inquiry and affects your score.

Pros and cons of mortgage preapproval

The mortgage preapproval process includes several benefits, but there are also drawbacks to consider.

Pros:

  • You’ll get a better idea of how much house you could afford, which helps narrow down your price range.
  • Home sellers take you more seriously because you’ll have proof that a lender is willing to back you when you submit an offer.
  • You can comparison shop before committing to a lender.
  • Even if your preapproval is denied, you may walk away with an analysis of where you stand financially and how you can improve.

Cons:

  • A preapproval is not a full approval. It doesn’t guarantee you’ll qualify for a mortgage.
  • Preapprovals typically last for 30 to 60 days. If you don’t buy a home within this time frame, you’ll need a new mortgage preapproval letter.
  • Making changes that affect your credit, such as applying for a new credit line or racking up debt, can prevent you from getting a full mortgage approval.

What happens after you get preapproved for a mortgage?

Once you’ve been preapproved and have chosen a mortgage lender, it’s time to find your home and submit an offer to buy it. You’ll also continue working your way through the mortgage approval process, which includes:

  • Providing your lender with any additional documents needed to finalize your loan.
  • Getting a home appraisal and home inspection.
  • Preparing for your walk-through and closing day.

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Bridge Loans: What They Are and How They Work

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If you’re shopping for a home in a hot real estate market, you might find that sellers aren’t willing to wait for you to sell your home before you buy. In that case, a bridge loan can help you purchase your next home without the pressure of selling yours first.

Before you take the plunge into the bridge lending world, learn the ins and outs with this guide to understanding bridge loans.

What is a bridge loan?

A bridge loan is a short-term mortgage you can use to access equity in a home you are selling in order to purchase a new home. Bridge loans are commonly used in tight housing markets where bidding wars demand competitive purchase offers without any contingencies.

How does a bridge loan work?

Bridge loans work in two different ways — as a first mortgage to pay off your current loan and fund the down payment of a new house, or as a second mortgage, with the money applied to the down payment of a new home. Let’s explore how each of these work.

First mortgage bridge loan: One large loan is taken out for up to 80% of your home’s value. The funds are initially used to pay off the current mortgage balance. Any extra money leftover is used toward the down payment for your new home.

Second mortgage bridge loan: This option involves borrowing the difference between your current loan balance and up to 80% of your home’s value. The mortgage on your current loan is left alone, and the second mortgage bridge funds are applied to the down payment on the home you’re buying.

Here’s an example of how each option would look if your current home is worth $350,000 with an outstanding loan balance of $200,000, assuming you borrow 80% of your current home’s value.

Bridge loan optionMaximum loan amountHow funds are applied
First mortgage bridge loan$280,000$200,000 to current loan payoff

$80,000 to down payment new home
Second mortgage bridge loan$80,000$80,000 to down payment new home

Pros and cons of buying a home with a bridge loan

Pros

Tap home equity while your home is for sale. A bridge loan lets you tap the equity you’ve built in your current home while it’s for sale to buy a new home. Standard lending guidelines for conventional loans don’t allow cash-out refinancing on a property listed for sale.

Avoid making an extra move. A bridge loan allows you to move while your current home is still being sold so you’re not stuck finding a temporary place to live if you can’t time both sales perfectly.

Pay off the balance of your current loan and get extra cash. If you have a significant amount of equity in your home, you may be able to pay off your current mortgage while you wait for your home to sell. You can then use any extra cash toward a bigger down payment on your new home. This prevents you from paying two mortgage payments until your old home is sold.

Use bridge funds as a second mortgage to buy your new home. If your current mortgage rate is low, paying the entire balance off with a bridge loan doesn’t make sense. If you borrow the equity you have you in your current home as a second mortgage, you’ll have a lower bridge loan balance and payment.

Buy a new home without waiting for your current home to sell. A bridge loan eliminates the need for a home sale contingency, making your offer more competitive in a tight housing market.

Make interest-only payments until your home sells. Some bridge loan programs offer an interest-only option, which means you pay only the interest charges accruing each month. The interest rate may be slightly higher, but it will soften the impact of having two monthly mortgage payments.

Cons

You’ll make two or three mortgage payments. Once you borrow against your equity and buy your new home, you’ll be carrying at least two, possibly three monthly mortgage payments, depending on how you use the bridge loan. This can add up fast and become unsustainable.

Higher interest rates and closing costs. Like most short-term lending options, bridge loans come with higher interest rates and closing costs. Lenders charge higher rates and fees to make it worth their while because you are borrowing only for a short time. You might have trouble making the payments on both mortgages if you have a hard time selling your current home.

Increases the risk of defaulting on two mortgages. Bridge lenders expect you will be able to pay off the loan within a year. If the balance isn’t paid by then, they can foreclose on your home. As a result, your credit and finances will take a massive hit, and you might be unable to repay the mortgages on both homes.

Need substantial equity to qualify. Bridge loans are not a viable choice if you don’t have a good chunk of equity in your home. You can borrow up to 80% of the value of your home, so if you’re in an area where neighborhood values have dropped, you’ll want to come up with alternative financing.

Not as regulated as traditional mortgages. When regulatory reform was passed, it was intended to focus on long-term loan commitments to protect borrowers from taking out loans they couldn’t repay. The new rules don’t apply to temporary or bridge loans with terms of 12 months or less, meaning you’ll have less protection.

How to qualify for a bridge loan

Bridge loans are specialty mortgage loans, and they aren’t approved based on the same standards as a regular mortgage. Lenders that offer these loans have a few extra qualifying hoops for you to jump through, and rates and fees vary depending on property type, too.

Here are some key qualifying requirements unique to bridge loans:

Enough income to cover multiple mortgage payments

Bridge lending guidelines are often set by private investors or are specialized programs offered by institutional banks. That means they can create their own guidelines. Some bridge lenders may not count your current mortgage payment against you because they approve the loan knowing your intent is to pay it off quickly.

Other lenders will require you to qualify with both loans, which could mean you can’t tap into the full amount of your equity unless you have enough income.

At least 20% equity in your current home

Bridge loans work best if you have more than 20% equity, but the bare minimum requirement is 20%. If you don’t, it’s unlikely you’ll qualify for a bridge loan.

A commitment to paying off the loan quickly

Bridge lenders will scrutinize the home you are selling more than the home you are buying to make sure it’s priced to sell within bridge loan’s term period, usually 6 to 12 months. An appraisal will be required on your current home, and if the value comes in significantly lower than what your asking price is, your loan amount will be reduced.

Average closing costs for a bridge loan

Bridge loan closing costs typically range from 1.5% to 3% of the loan amount, and rates can be as high as 8% and 10% depending on your credit profile and how much you are borrowing. Beware of any lender that asks for an upfront deposit to approve a bridge loan; they probably aren’t a legitimate lending source and you should steer clear.

How to find a bridge loan lender

Bridge lending is a niche product, so not every lender will offer the option. You’ll need to shop around with mortgage brokers and institutional banks. Also, ask your current mortgage broker or loan officer whether they have experience closing bridge loans.

Work with a legitimate, licensed loan officer. You can check licensing requirements for all 50 states with the Nationwide Multistate Licensing System Consumer Access link. Type in your loan officer’s name or company information. Here are examples of lenders who may offer bridge loans:

Institutional lenders

Start with your local bank to discuss their bridge loan programs. If you have a substantial amount of deposits with a bank, the bridge loan terms might be more flexible and approval might go more smoothly.

Alternative lenders

Mortgage brokers and mortgage bankers often have relationships with alternative lenders. They can often find a bridge loan source if your current bank doesn’t offer them.

Hard money lenders

A hard money loan may be a good fit for bridge financing to purchase fix-and-flip investment property. Hard money lenders are often private investors, or groups of private investors, looking for high returns on short-term real estate loans. Interest rates can run into the double digits, and you can expect a prepayment penalty and fees range between 2% to 10%, depending on how risky your credit profile is.

Alternatives to using a bridge loan

You can do some advance planning to avoid needing a bridge loan, or at least limit how much bridge financing you need to purchase a home. Here are some other options to consider:

Use an existing home equity line of credit (HELOC)

If you already have a HELOC on your home before you start searching for a new home, you can use the HELOC toward a down payment on your new home. Typically there are no limitations on how you can use HELOC funds. A few drawbacks: You might have to pay a close-out fee when your home sells and the HELOC is paid off and closed, and you won’t get a mortgage interest tax deduction on the extra borrowed equity. You also risk losing your home if you can’t repay the loan because your home is serving as collateral for the loan.

Take out a 401(k) loan

Your retirement savings account can be another tool to bridge the gap in financing, and the rates and payment may be significantly less than what you’ll pay for a bridge loan. Check with your plan provider for any restrictions on loans for home purchases. It may be more cost-effective to take out a 401(k) loan to avoid the closing costs and high interest rates that come with a bridge loan.

The drawback to a 401(k) loan is that the borrowed money is taken from your retirement savings and won’t be working for you in the market. Consider this option only if you plan to repay the loan immediately after your current home sells.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

By clicking “See Rates”, you will be directed to LendingTree. Based on your creditworthiness, you may be matched with up to five different lenders in our partner network.