Question:

Can I get a mortgage loan after foreclosure?

Answer:

Sure, you can. With a foreclosure on your report your credit score has dropped a lot and not long ago it would have taken a lot more time to get a mortgage loan after foreclosure. Now, even if your score has dropped in the subprime range, that is - below 630, you could get very competitive offers even from subprime lenders.

The best way to go is compare rates for a possible mortgage loan after foreclosure. Many websites will do the job for you, comparing real time subprime offers.

Fortunately, with the profusion of mortgage loans, a mortgage loan after foreclosure as a product stands all the chances of being specifically developed. And a borrower with recent foreclosure would be able to get one with decent rates and without having to wait several years to improve credit score for a conventional loan.

However, due to the subprime market crisis, extending a mortgage loan after foreclosure will make lenders to act cautiously in respect to you. No surprise you will be able to find one but additional restrictions may apply.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
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