Financing in Council Bluffs>Question Details

Jay, Renter in Council Bluffs, IA

We had a forclosure in 2008, I have a realy good job now. When can my wife and I start looking for a house to buy? We would like to get a house

Asked by Jay, Council Bluffs, IA Sat Oct 30, 2010

between 70 to 80 thousand dollars.

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3
Hi, Jay. Conventional/Fannie Mae financing requires a 5 yrs wait from the date the property went back to the home. Which is after the redemption period. FHA and VA require a 3 yr wait.
0 votes Thank Flag Link Sun Oct 31, 2010
The typical waiting time after a foreclosure before you can get another loan is 5 years. You could look for an owner financed home if a lender will not accept you.
0 votes Thank Flag Link Sun Oct 31, 2010
You might want to consider doing a lease-option.
0 votes Thank Flag Link Sat Oct 30, 2010
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