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Buying a home after foreclosure

Posted on: 12th Nov, 2013 07:17 pm
Hello,

My husband and I just went through a foreclosure June 2013 and bankruptcy back in May 2010, I started rebuilding my credit about a year ago. I have one major credit card and 2 department store cards, I was just approved for a $6000 car loan with a 9% fixed interest, my credit score is at 682. I would love to give my kids the comfort and space with a new home like the one we had. I've been in the same job for over 4 years and have quite a bit saved up for when the opportunity raises again. Do you think I can try and qualify for a loan within the next year or so?

Thanks!

Jessica
Hi secala,

If the foreclosure is mentioned on your credit report, then you will not be able to get a mortgage so soon. You will have to wait for around 3 years after foreclosure to get a home loan.

Thanks
Posted on: 12th Nov, 2013 07:59 pm
Hi secala!

Welcome to the forums!

Though I agree with what James has said, I will still suggest you to get in touch with a local lender and check out if your can get a loan.

Feel free to ask if you've further queries.

Sussane
Posted on: 13th Nov, 2013 08:37 pm
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