There is not enough information provided here to accurately respond. Depending on the type of foreclosure and circumstances that led to it, an FHA mortgage may very well be available to you. Please don't provide anymore information here. Instead reach out to someone privately about your situation. I am not a lender, but my clients who also had hardships that led to disaster a few years ago recently closed on their property. I'd welcome the opportunity to speak with you privately.
Thanks and good luck.
REALTORÂ® Keller Williams Realty Atlanta Partners
I received a copy of the most recent Fannie Mae guidelines from Shane Milne, a loan officer with First National Bank of Layton.
My previous response to your question is incorrect. I apologize for the error. The current Fannie Mae foreclosure guidelines are at 7 years (3 years if extenuating circumstances)
Here is a link to the most recent announcement:
Thank you Shane for the update . I understand Shane can and does mortgage loans in pretty much every state in the US. Shane has a proven tract record and positive endorsements from his past clients. If you are looking for a loan officer with good credentials and excellent reviews Shane is your man.
I am including a link to Shane's website: http://www.thebesthomeloans.com/home.html
Please see my blog for more tips and advice on getting a mortgage
Fannie Mae and Freddie Mac require a five-year time period (up from four years) for re-establishing credit following completion of the foreclosure action.
The time period can be shortened to three years if you can prove extenuating circumstances tied to the foreclosure such as illness or job loss.
A new mortgage to purchase a principal residence will require a minimum 10 percent down payment and a minimum credit score of 680.
The guidelines seem to change frequently. Contact a reputable lender. You may find each Bank will have their own guidelines. Try a Mortgage Broker, they will have multiple resources.