Yes, you have to wait three years for a Conventional loan before you purchased another home. The FHA loan requires two years before you may purchase another loan. You must re-establish good credit with scores at least 640 or higher to quality a loan.
Contact me to help you increase your credit score at (904) 739-9000 or email me at firstname.lastname@example.org.
Gloria J. Young
AllPro Realty Specialists, Inc.
Mortgage Broker responds:
The count down does not start until the actual Title passes to the bank or buyer.
All the time I'll have buyers with scores in the 700s coming to me after 3 yrs for a FHA and 4 yrs for Conventional loan only to find the Title just passed a few months ago.
If you have 25% to put down, here's the reasons to by now:
THE THREE R's
1. Recover lost equity by taking advantage of these low prices as they are going up
2. Re-establish credit now in effort to refi quickly while rates are predicted to stay low for a few years
3. Retain as much income possible thru home interest tax writeoff
Have you spoken with a mortgage professional recently? Once they pull your credit they can guide you towards your purchase goal.
According to all the lenders I deal with, you have to wait three years after the foreclosure. That said, if there are circumstances, and a lender has time, you can work through to have it waived. Get in touch with your banker to see if they can help you.
Hope this was helpful.
Coldwell Banker Vanguard