Fortunately a new program has been put into place through FHA and you only have to wait 12 months to purchase a new home. Now that will still be contigent on whether you are paying rent etc on time from that point.
I am hosting a home buying seminar on October 2nd. There will be a credit restoration team there and financial consultant that could help you go over your options and help ensure getting your credit score increased for the future.
Email or call for more details. My email is firstname.lastname@example.org or 704-724-7943.
I hope to see you there!
Real Estate Consultant
Everyone is going to tell you x years, but very, very few actually know when the timeline actually begins and when it ends. If this is a planning question before the event, whatever you expect the timeline to be, double that amount and it will be a safer guess. If the foreclosure has already happened, and the home was sold at the court house door, then get a copy of the commissionerâ€™s deed, that date still is not necessarily the start of the timeline but will be within a few months. Good luck,
NMLS # 6395
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. This answer is my personal opinion, has not been reviewed or approved by the company I work for. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
Depending on the type of mortgage loan you get, your wait from discharge or final payment is: 2 years for VA, 3 years for USDA and FHA and 7 yrs for Fannie Mae and Freddie Mac . You may want to read the Trulia Real Estate Blog "I have bad credit and no savings. Can I get a home or am I stuck renting?" If you meet the criteria there and are past the above waiting periods, you will have a very good chance and we can help you find a lender. If you have a full time agent with a Masters degree in Planning with Finance and over two decades of experience, working for you, you will likely do better in negotiations. I'd be pleased to provide that service. If you appreciate this answer, please give it a thumbs up, or if this was the most helpful answer, please say thanks with a best answer click.
Also you may be able to get a waiver on some of the time depending on the circumstances that led to your foreclosure. For example if it was caused by loss of job or medical do to no fault of your own you may qualify for a forbearance and get a loan faster than the normal waiting period. You will be providing a lot of documentation and have to prove your position.
I hope this helps.....
Helen Adams Realty
USDA and FHA--3 yrs.
FNMA & FHLMC (Fannie Mae and Freddie Mac)-- 7 yrs.