Close

See current mortgage rates on Zillow Mortgage Marketplace

Profile picture for liljanie

I had a foreclosure in Florida in 2008. My credit score is 650. Should I wait to buy?

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 04 2011 - New Orleans
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (2)

I think this is a great question...However, only you can make that decision for yourself.    There are many unanswered questions you need to ask yourself before you make the decison to buy or not.  I can go over the guidelines with you and I can tell you that home ownership is a great and wonderful thing...but you need to decide what your goals are and why you want to own a home?  Are you trying to build equity, instead of paying rent..Do you need the tax deduction? When are you planning on retiring(assuming you are employed) How many years until that time? Do you have any children and what are their ages?  What caused the previous foreclosure?  Any chance those factors arise again?  There are many, many facets to home ownership.  Once you have truly analysed your current situation and your motivation to own a home you can make an educated decision on whether it is a good time to buy or not.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 04 2011
Currently you will need to wait 5-7 years from the foreclosure date on an owner occupied residence before you will be eligable to purchase again.
If you had an estenuating circumstance which caused this you will need to wait for 3 years from completion date with at least 10% down. This is for Fannie Mae/Fredie Mac type loans. you may have a different response from a portfolio lender in your area.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 04 2011
 
Related Questions
Mom had reverse mortgage now home in my name but mortgage isn't
Profile picture for Brandon Brown
Latest answer by Brandon Brown
4 days ago | 2 answers
insurance agent screwed up, wasn't caught until after close.
Profile picture for Hamp Yonce
Latest answer by Hamp Yonce
July 17 | 5 answers
Which is better, putting a down payment ( 20%) or opting for 0 down ?
Profile picture for Paul Collier
Latest answer by Paul Collier
July 14 | 8 answers
Own home refinance
Profile picture for alexis d diaz
Latest answer by alexis d diaz
May 31 | 6 answers
Any lenders have experience with FHA approval during Ch 13 Bankruptcy?
Profile picture for Brandon Dinsbach
Latest answer by Brandon Dinsbach
April 25 | 4 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 1223 Riviera Ave, New Orleans, LA Home For Sale
    1223 Riviera Ave, New Orleans, LA 70122

     For Sale: $75,000

    • Beds: 0
    • Sqft: --
    • Baths: --
    • Lot: --
  2. 2241 New York St, New Orleans, LA Home For Sale
    2241 New York St, New Orleans, LA 70122

     For Sale: $220,000

    • Beds: 4
    • Sqft: 2258
    • Baths: 2.0
    • Lot: 6400
  3. 1101 Allo St, Marrero, LA Home For Sale
    1101 Allo St, Marrero, LA 70072

     For Sale: $156,000

    • Beds: 4
    • Sqft: 1512
    • Baths: 2.0
    • Lot: 40