I lost a home to foreclosure about 1.5 yrs ago, bad loan, poor judgement on my side. Can I purchase another?

Johnnyd67
Home Buyer
94589

Answers (4)
Jake Johnson
Agent
Melville, NY

FHA requires 3 years unless you had an amazing excuse for losing the home. My name is Jake Johnson and you can contact me at jjohnson@lendamerica.com.

Wed Jun 17 2009, 12:28
Hannah Fliegel
Real Estate Pro
Corte Madera, CA

Hi Friend,

You can finance a new home purchase 36 months after a foreclosure. If you go to the Fannie mae or Freddie Mac websites you can look under lending guidelines and confirm this for yourself. You might try a rent to own or lease option program to get back into homeownership faster. I offer credit repair services and have a 74% success rate in removing foreclosures off credit reports. I will also provide you with my FREE book to assist you with some credit score boosting strategies for you to begin to rebuild your credit rating. Good luck

Sat Jun 13 2009, 14:17
Lucy Ramos
Agent
Los Gatos, CA

As a rule of thumb the foreclose record will stay in your credit report 7 years. The only way to find out if you qualify for a loan you have to ask a loan broker or your lending instittion . Good Luck

Tue Jun 9 2009, 17:55
Dana Schuster
Agent
70461
FIRST ANSWER

Unfortunately,after foreclosure,you will have to wait 5-7 years before you can purchase again.

Tue Jun 9 2009, 17:29

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