Home Buying in Virginia>Question Details

Smith2dw, Home Buyer in Virginia Beach, VA

how long does it take after a foreclosure before you can buy again? Is there a certain credit score that is needed? I

Asked by Smith2dw, Virginia Beach, VA Sat Dec 4, 2010

I had great credit prior to the foreclosure but I am unsure of my current credit score.

Help the community by answering this question:


The foreclosure will affect your credit for sure; however, you can check your credit score for free at http://www.freecreditreport.com
Unfortunately they will not provide you your score for free.

I recommend that you check with any loan officer to get a copy of your credit report. Let them know that you are interested to purchase a house.
0 votes Thank Flag Link Sat Dec 4, 2010
Much will depend on the circumstances that led you to your foreclosure--generally it can take anywhere from three to seven years.
0 votes Thank Flag Link Sat Dec 4, 2010
Hello Smith,

Most lenders will request a minimum of 3 years.
However, depending on how good is your credit, some lender will take the risk to lend you again.
Morelikely if you have a substantial downpayment.

Let me know if you need more info on this matter.

0 votes Thank Flag Link Sat Dec 4, 2010
There are a number of variables within your question. Did you do Deed in Lieu of Foreclosure? Did you do a strategic default (walk away from your mortgage)? Did you attempt a short sale and the lender wouldn't work with you?

You could be looking at anywhere from 2 year to 7 years depending on the circumstances of your foreclosure. You could also expect that when you can qualify for a mortgage again that your lender will expect at least a 10% down payment or more.

Good luck.
0 votes Thank Flag Link Sat Dec 4, 2010
It'll be at least two years before a lender will work with you!
0 votes Thank Flag Link Sat Dec 4, 2010
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