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How soon after a forclosure can you buy a new home?

  • December 04 2012 - A Mountain
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Answers (4)

Dear User:

If you mean brand new with a mortgage, sellers may possibly have special financing programs but unlikely. Your credit other than the foreclosure will have to be good and you will need a substantial down payment. Most likely you will not be able to find a mortgage lender within 5 to 7 years.

If you mean a new to you home, traditional lenders will require 5 to 7 years after a foreclosure for a mortgage. Talk to a licensed mortgage lender for more specific information.

However, if you have a substantial down payment there are many "Seller May Carry" homes on the market that your Realtor can show to you. This type of financing is usually interim financing providing you five years or so to put together a traditional mortgage.

Other options? Hard money lenders and or ask a family member to help you with qualification for a mortgage.

In none of these work, save your money, get your credit in order and ask your licensed lender exactly what you must do to qualify.
  • December 04 2012
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I have several lenders that I have worked with over the years and I can send you their contact information if you would like to get some recommendations.  There will likely be a waiting period, but there products that you can take advantage of with a conventional lender.  If you want to purchase something right away, you can use a Seller Carryback loan.  This is where the seller will carry the note for you.  
  • December 04 2012
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Yes, please who would you recommend?
  • December 04 2012
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Great question, and honestly talk to a local lender.  I can recommend a couple of fantastic local lenders if you are interested.  This has come up before and working with a client right now who filed 2 years ago.  For them, in their situation, it needs to be 2 full years from the date and they are pre-qualified to buy.
For any interested buyer, in today's market the 1st step should be to get pre-qualified by a lender, there should not be a charge for this.   Next, talk to an experienced local Realtor to review your search criteria and begin your search.

Best of luck.
Spirit
  • December 04 2012
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