Home after foreclosure? ?

Question

Has anyone ever been able to buy another home after foreclosure? If so, how long did you have to wait?

Answer 1

Being a mortgage banker, I can tell you that you have to wait a minimum of two years after the foreclosure is completed. If, at that time, you have re-established credit (you need to shoot for a median score of 680 or higher, although compensating factors might alow lower scores, such as 620 and up), and are able to put down a 3% down payment, you should be able to qualify for an FHA mortgage (depending on your income of course). I have done three such cases in the past two weeks.

Life doesn't end with one foreclosure - you have some work ahead of you, but if you are determined, you certainly can buy a new home...if you would like to discuss this in greater detail in confidence, please feel free to respond to me - I will be happy to give you more detailed advice and some suggestions. My profiile allows response, but my direct e-mail is [e-mail]

Hope this helps!

Answer 2

Generally, once the judgment passes off your credit report - 7 years.