Home Buying in 97333>Question Details

stef, Other/Just Looking in Sonoma, CA

I was wondering if the foreclosure process in Oregon is the same as California. We had a foreclosure about two years ago and are looking

Asked by stef, Sonoma, CA Sat Sep 7, 2013

into purchasing a home in Corvallis Oregon in about two years. Is this a realistic goal? Thank you

Help the community by answering this question:


I thought the standard waiting period after a foreclosure is 1 year for FHA *if* you can demonstrate it was due to a job loss (or similar), but otherwise it's 3 years for FHA and 7 for conventional. So, although the process in OR is the same as CA, whether you can buy 2 yrs after your foreclosure depends really on whether you had a job loss. And, even if you qualify for FHA, if you don't have 20% down you have to keep in mind you will pay a high mortgage insurance for the life of the loan.

Just my $0.02. I'm not a professional.
0 votes Thank Flag Link Sun Dec 8, 2013
Your best bet will be to talk to a lender about your specific situation. There are some cases that can warrant a shorter timeline, but it depends on your specific situation. Lenders will be able to answer your question and get the proper information for each specific case.
Flag Thu Jan 2, 2014
Yes. One thing that can help is to talk to a lender now about what type of property, what type of loan and loan amount you will want to get, any thing you need to do to continue to rebuild your credit, etc. A lender can be a great resource for coming up with the game plan for what you should be doing during these two years so that you are ready as soon as the foreclosure time period has passed. Just an idea. If you need a lender recommendation, feel free to contact me or any other experienced Realtor. Good luck and good job thinking ahead!
0 votes Thank Flag Link Sat Sep 7, 2013
Yes as long as you have rebuilt your credit and are working on keeping bills paid, you should be able to buy a home in Oregon in about 2 more years. Good planning!
0 votes Thank Flag Link Sat Sep 7, 2013
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