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Jeff R.
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Buying A Home After A Previous Foreclosure

Can I Buy A House After Foreclosure?

Yes, you can!  Buying a house after foreclosure can happen as early as two and a half years. Follow these simple guidelines to get started:

  • FHA financing allows you to purchase a home three years after a previous foreclosure. You must have a clean payment history since your foreclosure.
  • If you have extenuating circumstances, such as death or serious illness of a co-borrower, you can start the home buying process two and a half years after foreclosure.
  • For Conventional mortgage financing there is a seven year wait and minimum of 5% down payment after foreclosure.

The most important aspect of buying a home after foreclosure is making sure you have a clean payment history since the event.  If your payment history is clean you only have to wait 2.5 – 3 years to buy a new home.  Use that time to make sure your credit is clean and your employment is strong.

There are other factors involved with getting approved for a mortgage after Foreclosure.  Your best chance for approval is discussing your situation with one of our experienced Loan Officers.

 

Ready To Get Started?

Call us now to speak with a licensed loan officer who can help you get approved for the lowest cost loan!

1-800-525-0705
A 15 minute phone call could save you thousands! 

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