Buying a home after foreclosure

Jessica
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Foreclosure has serious negative implications on your mortgage purchase. In fact buying a home after foreclosure becomes very difficult. You not only have to pay more but at the same time you have to wait for a long time to get the approval. Usually, the waiting period for mortgage after foreclosure for an FHA loan is 2 years and for a conventional loan, the waiting period is 3-4 years.

In order to get approval for mortgage after foreclosure, you should have a good credit score and must be in a position to make the required down payment. You must try your best to improve your score and save money to make the down payment so as to get the approval.

In order to get approval for mortgage after foreclosure, you should have a good credit score and must be in a position to make the required down payment. You must try your best to improve your score and save money to make the down payment.


Last updated on January 30, 2013

Latest Community Discussions
Hello, My husband and I just went through a foreclosure June 2013 and bankruptcy back in May 2010, I started rebuilding my credit ab...

posted on 2013-11-12 19:17:40
2 years ago we fell into foreclosure for a day. We payed all the lawyer fees and got caught up fast. We never got foreclosed on and we ...

posted on 2010-02-24 22:46:52




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Hello... That depends on which state you are looking to buy. We have an exclusive portfolio program (meaning it's not gov't backed and only available through our bank) that allows you to buy again one day after Short-Sale or Foreclosure. It's available in AZ, CA, CO, DC, FL, HI, IL, MD, MT, NV, NJ, NY, NC, OR, SC, VA, and WA. The requirements are a 20% downpayment and a 660 mid FICO score. You can find out more info from the link below - http://www.trulia.com/blog/walnut_creek_real_estate/2013/09/no_wait_after_short_sale_or_foreclosure_to_buy_a_home_not_fha_back_to_work

 
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