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

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April 04 2011 - New Orleans
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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.
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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.
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April 04 2011
 
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