Obtaining a real estate loan after a foreclosure
I am attempting to purchase a new home which will be built around Jan
1997. The mortgage broker has basically rejected my application due to an
unforeseen and unanticipated foreclosure (I was unaware of it until the
month it happened - other party on title received all paperwork - I had
moved out a year before and had quit claimed my interest to her). What
other financing options are available to me outside conventional and FHA
loans? Are there any other alternative financial resources available? I
and my partner have impeccable credit aside from the foreclosure. Please
advise as soon as possible. Developer is pressuring me about getting
paperwork started with a lender.
-Although I do not have a foreclosure on my record I live on an IRA so
have a similar situation. A mortgage broker told me that if a down
payment of 25% is made then anyone can get a non-qualifier loan. Getting
the 25% may be difficult for many t