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I Foreclosed. How long do I have to wait to buy again?

I foreclosed on my home in San Diego ~1.5 years ago.
I want to buy again soon but I dont know what the rules are about buying again.
My credit score is over 600.
Does anyone know the time frame and is there any way to get around waiting the 7 years? I also do not enough cash to buy a home in california without a loan.
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January 12 - San Diego
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Answers (9)

Check out Fannie's new rule on foreclosure.  

If the mortgage was discharged through a bankruptcy, you can use the BK waiting period rather than the foreclosure waiting period.  

Foreclosure is now 7 years or 3 years with extenuating circumstances (max 90%).

Chap 7 is 4 years from discharge or 2 with extenuating circumstances.
Chap 13 is 2 years from discharge date.

The best part is you get to use the discharge date of the BK, not the date the foreclosure was completed.
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September 04
Conventional loans will allow a new home purchase 2 years after a foreclosure, if extenuating circumstances are involved. Note: A 10% minimum down payment would be required for the 2 year exception with conforming loans.

"Extenuating circumstances are non-recurring events that are beyond the borrower's control that 
result in a sudden, significant, and prolonged reduction in income or a catastrophic increase in 
financial obligations."

Talk to a local mortgage professional who is willing to put in the extra effort it takes to help you out. 

Best of luck!
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January 14
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Please be advised the waiting period starts ticking from the time that the foreclosure case has ended, usually from the date that your prior home was sold in the foreclosure proceeding.
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January 14
You can typically get FHA financing after 3 years from the final foreclosure action.  Be sure that you work hard to keep strong payment and credit history from the foreclosure until you get your new home mortgage.
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January 14
The FHA Back to Work would be your best chance at stable permanent financing it has several requirements, most notably that you demonstrate the foreclosure resulted from a 20% loss of income that lasted at least six months. If that doesn't work for you then there are a few portfolio lenders in CA offering "Second Chance" financing which will generally require a 660 credit score and 20% down payment. These types of program will typically be ARM loans.
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January 13
The usual minimum waiting period for foreclosure is usually around 3 years. The 3 year waiting period applies to FHA and conventional loans. Luckily, FHA does have an exception to the 3 year waiting period. If you experienced an economic event (such as unemployment) that resulted in a loss of income causing your foreclosure, then FHA will allow you to obtain a loan after 1 year. If this applies to you, then you can obtain the FHA loan as this current moment. If not you will have to wait another year. The best thing for you to do is to speak with a lender such as myself to see if you can get started on financing a new home. If you have any further questions or if you would like a loan, feel free to contact me.

Good Luck!
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January 13
It really depends on the type of mortgage you are getting but generally 2 years from the foreclosure completion. USDA loans require 3 and 2 years for a VA. Your almost there.
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January 13
Just to clarify Melvin's response... The waiting period is based on what type of mortgage you are seeking, not the type of mortgage you had when the foreclosure occurred. 

There are exceptions to the waiting periods if you had a valid extenuating circumstance that caused the foreclosure.  Also, there are banks out there that will still lend even if you are not outside the waiting period.  That would be a portfolio loan (a loan the bank funds from their own money and does not sell to Fannie Mae or Freddie Mac).
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January 13
Hi Erika,

If you had an FHA loan the waiting period is 3 years from the date of the trustees deed.

If you had a Conventional Loan its a 7 year waiting period from the completion date of the foreclosure action as reported on the credit report.  There is an exception for Extenuating Circumstances where only a 3 year waiting period is permitted if extenuating circumstances can be documented ie:. loss of job.

you can contact me by email if you have any more questions.  I can also put you in contact with a mortgage lender that would be able to asses your situation more specifically.
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January 12
 
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