Can I get a Conventional Loan?

[Bruce L.]

Hi,

Was wondering if any of you loan professional could help me.

My FICO score is at 740+

Income is good, not an issue.

Up to 50% down if I had too.

Debt in Income will be lower than 40% back-end.

However, I have this ding on my credit for a house that I no longer could afford back in 10/2009. Luckily, I was able to sell the property as a regular equity sale, but have this on my credit report. “Previous in foreclosure, account was in delinquent”. I was about 4-5 months behind on the mortgage as I lost my job, but that's a whole another story.

Today, I have good income and a steady job for more than 2 years now. A local loan officer told me that since that ding was over 3 years ago, i can get an FHA loan, however, because of the FHA fees (Upfront MIP, MIP for life of loan, etc), I was trying to see if I could qualify for a Conventional Loan.

Does anyone know if it's possible to get a Conventional loan for my situation or do I have to wait for 7 years to past to get that off my credit?

Thanks in advance. :)