Posted on: 10th Jan, 2014 12:43 am
In 2012, I went through a foreclosure of my home. When can i get a new mortgage on a home?
To get a conventional mortgage, you will have to wait for 3-4 years after the foreclosure. In case of FHA loan, you will have to wait for 1 year after foreclosure.
To get an FHA mortgage, you must wait 3 years after the foreclosure is completed. It can be as little as after one year if you have extenuating circumstances. Extenuating circumstances are strictly defined as death of a wage earner, or extended serious illness of a wage earner and in some cases job loss if household income was reduced by 20% or more for over 6 months and all payments were on time prior to the loss of income.
Conventional loan wait 7 years after foreclsoure. May be able to do after 3 years if had extenuating circumstances but down payment must be at least 10% until after 7 years.
Conventional loan wait 7 years after foreclsoure. May be able to do after 3 years if had extenuating circumstances but down payment must be at least 10% until after 7 years.
