Would I be able to get a loan if I have a foreclosure?
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Would I be able to get a loan if I have a foreclosure?
I had a foreclosure a couple years ago and I wanted to apply for a loan to get another house. Would I be able to get a loan or maybe do a rent to own?
Asked on November 20, 2016 under Real Estate Law, Florida
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
Legally, you can get a loan: there is no law or regulation stating that someone who had a foreclosure cannot get a mortgage or other loan for a home. On the other hand, however, there is also no law requiring a lender to lend to you if you have a foreclosure: lenders can freely decide whether or not to lend. So you need to find a lender willing to lend to you: you will increase the chance of doing so if you pay down other debt first (lowing your debt to income ratio), put down a larger down payment (e.g. 20% or more), and are conservative about how expensive a home you look to buy.
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