This has gotten complicated this year. Before Fannie Mae/Freddie Mac changed the rules earlier this year, the waiting period per the lending guidelines was 4years. The guidelines were amended this year to take a closer look at the circumstances involved with your foreclosure. The waiting period could be 5yrs if the foreclosure was simply the abandonment of the property because the value fell and no hardship existed. However, if a hardship existed and it can be documented (i.e. you lost your job, attempted to short sale the property and was not successful and that eventually led to the foreclosure), then you could be eligible at 3yrs from the date of the foreclosure. One of the big keys in any case is you'll need to re-establish credit as soon as possible because with the new fico scoring requirements, the waiting period is only part of the battle.

By the way, after having read Bill's reply, I wanted to point out that my answer addresses his latter question.

Pan,

I'm unclear of your question. Are you referring to the time necessary for you to wait to purchase after your personal foreclosure or time to wait after someone elses foreclosure?

Bill

You need wait approximately 2 - 3 years restore your credit build faith for future.

Good luck


National Featured Realtor and Consultant, Mortgage Loan Officer, Credit Repair Lecturer
Lynn911

The % of down payment and your income would be the sole criteria.

Finding the best lender to give you the best mortgage should be the aim.

Mortgage planning and budgeting should be the guiding factors to avoid another tragic foreclosure.

Pam I can understand you situation.

There is no set period of time that you HAVE to wait, and many lenders simply are winging it on this.

Yes, there are plenty of lenders that are financing them--including the bank that owns the REO in some cases.