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How long can you buy a home after you went through a foreclosure?

  • October 30 2013 - Saint Peters
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Answers (6)

Most waiting period after short sales and foreclosures are around 2 years but can be more depending on your current finances, financial record, and circumstance of the loan. If you're finances are strong enough, it can be possible to get a refinance. I recommend you speak with a lender like myself. Us lenders would be more than happy to speak with you to help you get the refinancing that you need. So if you have any other questions or need a loan, please contact me through the information on my profile page. I hope this helps and good luck!
  • October 31 2013
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Actually you should contact a local lender.. as the rules recently changed.. and it could be a little as a year from your court posting date.. depending on several factors.. as mentioned in the other posts here.. .so it is no longer always 3 or 7yrs anymore... so please.. contact a lender that can help you get the proper facts for your situation and location ! 
thanks ! 
  • October 31 2013
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Profile picture for Rich Crow
There are many variables. Give me a call and I can Have you contact a lender who are able to do them sooner than most.
  • October 31 2013
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Depends on the circumstance of your foreclosure. With the implementation of FHA's "Back to Work Program" it is now possible to re-enter the housing market if you can demonstrate a economic hardship that directly lead up the need to either file BK, short sale your home, or have a foreclosure. There are key elements of this program and it can be complicated as there is still some muddy water out there due to the newness of the program.

There is a requirement that you had to experience at least a 20% reduction of income for a minimum of 6 months, show that you have recovered by re-establishing credit, and attend a HUD Approved Housing Counseling Class. I have several of these in my pipeline but I had to be very specific to target the cause and be able to document it properly.

Make sure you speak to a VERY experienced Loan Officer someone with a proven track record. Not someone who will throw it against the wall and see it sticks, but someone who will go through the process thoughtfully. Who you chose as LO and Lender is crucial.

Best of Luck!
  • October 31 2013
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Profile picture for Brian Mitry
7 years from recorded date for conventional financing
3 years for FHA financing
2 years for VA financing
3 years for USDA financing
  • October 30 2013
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Usually it's seven years. Sometimes depending on the lender you can do 5 years.
  • October 30 2013
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