5-year time period from completion date
Additional requirements that apply after 5 years up to 7 years following completion date:
â€¢ The purchase of a principal residence is permitted with a minimum 10 percent down payment and minimum representative credit score of 680.
â€¢ Purchase of a second home or investment property is not permitted.
â€¢ Limited cash-out refinances are permitted for all occupancy types pursuant to the eligibility requirements in effect at that time.
â€¢ Cash-out refinances are not permitted for any occupancy type
I think that Freddie Mac is the same but I can't find their info. right now. It never hurts to ask after your foreclosure has had some seasoning. Things are changing all the time. Seller financing (as Joan mentioned) might be a great option for you as well.
Best of luck!
With Your Success in Mind,
Keller Williams Integrity First Realty
If your sheriff sale took place took place in July 8, you will not be eligible for a FHA or VA loan until July 2011. For a Conventional/Fannie Mae not until 2013. In the interim, do not be late or go into collection on anything else still open and reporting on your credit report (i.e. credit cards, car note, or student loans, ect...)
Once the waiting period is over, you'll also need to explain to the lender in a LOX (letter of explanantion) the reason for your foreclosure. Most acceptable reasons are: divorce, loss of job, pay cut, loss of spouse that was also on the mortgage, and/or medical/health reasons.
If you don't have any credit, now would be the time to start building some. See if you can get a secured credit card from your bank first. Premier Bank and HSBC also specialize in extending credit to people looking to rebuild their credit score and history. Get a card with a limit of 200.00. Never charge more than you can pay off in a single month, and always pay on time. Maintain a monthly balance no greater than 10% of the credit limit, and 3 months prior to applying for a mortgage, pay the balances down to 0.
Conforming guidelines are currenlty 5 years after the foreclosure. FHA guidelines dictate 3 years must pass.
The pertinent date is the date of the sherriff's sale by the way
You can also look for owners who are willing to carry the loan.
Best of luck,
Joan Wilson -Realtor