How long before you can refinance or purchase a new home after a foreclosure?

Asked by tisiphone, Phoenix, AZ Sat Jan 19, 2013

I was told minimum 3 yrs but an acquaintance just closed a new build 2 weeks shy of 2 years to the day he foreclosed on his previous home. I have 2 rental properties and can move into one or rent both and buy another one just need to know what the *magic* criteria is to qualify again. FYI I also have a discharged BK7 11/2011.

Help the community by answering this question:

+ web reference
Web reference:


, ,
Sat Apr 12, 2014
There certainly are waiting periods for being able to purchase a home after a foreclosure; FannieMae and FreddieMac are typically 7 years but it can be as little as 3 years with extenuating circumstances and a 680 credit score. FHA is typically 3 years but can be in as little as 2 years with extenuating circumstances (Handbook 4155.1 4.A.2.g: Waiting Period for Borrowers With Past Delinquencies, Defaults or Claims on FHA Loans.)
And VA is only 2 years.

Extenuating circumstances are defined in this link...

Please contact me if you have any more questions and I will be more than happy to look at some things for you.


Lisa Markham
Envoy Mortgage, Ltd.
NMLS# 947738 / AZ# 0921717
1 vote
Brittany Cel…, Agent, Tempe, AZ
Fri Sep 27, 2013
Hi, if you are still needing help, here is a great article of some recent changes regarding the waiting period for borrowers who had a foreclosure. It can be as little as 12 months! If you need any help, I can get you in contact with my mortgage broker to better assist your current situation.

Here is the link to the article:…

Best of luck!

Brittany Celaya, Realtor®
20860 N Tatum Blvd #140
Phoenix, AZ 85050
1 vote
Thank you for sharing this
Flag Wed Jul 2, 2014
Tyeshaolga, Home Buyer, Valley Springs, CA
Tue Aug 18, 2015
No you will not be able to get refinanced 9 months from foreclosure. Once you have twelve months you might be able to qualify for the FHA back to work refinance if you can show the foreclosure was the result of a prior 20% or greater decrease in income among other qualifying criteria.
You have any more questions -
0 votes
, ,
Thu Jun 26, 2014
The Weekend of August 16th Fannie Mae will update Desktop Underwriter® (DU®) Version 9.1. So, What Does this mean?
It means a lot and the most Significant is that "The waiting period requirements for Fannie Mae borrowers who have had a previous deed-in-lieu of foreclosure or preforeclosure sale are being updated to now require a four-year waiting period".
There is more you can read about this online.
I am proud to say that my Company has provided a Solution for Clients that have had 1 Short sale or 1 Foreclosure or 1 Deed in Lieu and Want to Purchase Or Refinance a Primary Residence in AZ, CA, DC, FL, HI, IL, MD, MT, NV, NY, NC, NJ, OR, SC, VA, WA, They Do Not have to wait 2 - 7 years as they can Do it Now.
No waiting period at all.
Share this with anyone you know that wants to get back the pride of homeownership or reposition their existing.
0 votes
can you get a loan on a rental property within 4 years of a foreclosure?
Flag Mon Mar 7, 2016
aftervince19…, , Greenville, NC
Wed Apr 9, 2014
It's good to see buyers with recent foreclosure able to buy again. See Comstock if you have a buyer in need.
0 votes
Leigh-Jo Anz…, Agent, Albuquerque, NM
Sat Dec 14, 2013
Short sale can be in as soon as 12 months if payments were never late. Otherwise, it can be as soon as 24 months. It all depends on your specific situation. With foreclosure, it could be in as much as 7 years.

Connect with a local lender who can examine your circumstances and advise accordingly.

Syan Real Estate
Call/Text: (505) 730-8181
New Mexico Real Estate:
Web Reference:
0 votes
Josh Barnett, Agent, Carney, OK
Sat Dec 7, 2013
Depends on the situation, contact your local lender to discuss in detail.
0 votes
cortneykelle…, Home Buyer, 27932
Sat Dec 7, 2013
Back to work program by FHA shortens the waiting period. Borrowers who lost their homes due to foreclosure no longer have to wait 3 years to apply for a new loan. Consult with a lender today and see if you qualify for a refinance.
0 votes
, ,
Tue Nov 26, 2013

Yes, we have a portfolio loan available in AZ (and 13 other states) that would allow you to buy again right after foreclosure (maximum 1 foreclosure/short-sale in past 5 years). The BK needs to be seasoned 2 years, which it has in your situation. The rates are very competitive with conventional loans. You just need a 660 minimum mid FICO and a 20% downpayment and you are good to go. Let me know if you would like any more info. Thanks.
Web Reference:
0 votes
robyn.govert, , Phoenix, AZ
Thu Sep 26, 2013
Hi, have you gotten any recent answers? In the last 3 weeks, there have been guideline changes allowing foreclosure following extenuating circumstances after 1 year. feel free to contact me and I can go over the program with you.
0 votes
Joycelewis412, Home Buyer, Sacramento, CA
Sun Aug 25, 2013
Try consulting with private lenders. They offer a more flexible home loan programs. Ask for a referral or just search online.

Check if you qualify for a mortgage. Try
0 votes
Bianca Benne…, Agent, Glendale, AZ
Tue Jul 30, 2013
Did you speak with a lender?

Best Regards,

Real Estate Professional / Prestige Realty
Bianca Bennett / 602-570-7898
0 votes
akderby, Home Owner, Phoenix, AZ
Mon Jul 29, 2013
Can I a refinance my home after a foreclosure on another home in California, I would like to lower the interest rate.
0 votes
Roy Bush, Both Buyer And Seller, Phoenix, AZ
Sun Jul 14, 2013
I had a buyer that wanted to buy a home in Arizona, but he had a Chapter 7 bankruptcy 7 months ago. I introduced a loan program at, they allow a mortgage after a foreclosure, short sale, or bankruptcy. There is only a six month waiting period. This is perfect for individuals looking to become homeowners again.
0 votes
Jason Webb, Agent, Glendale, AZ
Thu Jan 24, 2013
I have heard that you can get a loan in as little as 6 month after foreclosure. I confirmed today that there may be two lenders that can do a loan in as little as 6 months after foreclosure or bankruptcy. I do not yet have all the details of terms, but if you need more information, send me a private message and I will put you in touch with a mortgage banker who can get you more details.

0 votes
I must also add that our rates are very competitive with conventional rates, unlike some of the other lenders offering similar products.
Flag Tue Nov 26, 2013
Hi Jason.. We can do it one day after short-sale or foreclosure. Refinance or Purchase. 660 Minimum mid FICO , 20% down-payment or equity. My email is if you're interested.
Flag Tue Nov 26, 2013
Jason, If you know of any lenders that would do a refinance of a home after one year since forclosure. Please email me at
Flag Mon Jun 24, 2013
Jennie Miller…, Agent, Phoenix, AZ
Sun Jan 20, 2013
The magic criteria can be different from lender to lender. You can buy a home with seller carry terms at any time if the seller is willing to work with the foreclosure and most are! Call me or reach out to me through my profile and I can schedule a tour of any of these homes for you. Here is a link to view a list of homes that are offering seller carry terms:…
0 votes
, ,
Sun Jan 20, 2013
To give you an accurate answer, I would need to know the date the property was deeded back to the REO bank. If you are doing a government loan with FHA, the requirement is 3yrs elapsed from the date the property was deeded back. For VA, it is 2yrs. For conventional loans it is 7yrs. All of these time frames are also subject to re-established credit as well. I can send you further information if you'd like to reach out to me, thank you.
Web Reference:
0 votes
thank answer my question.
Flag Tue Jul 30, 2013
Loren Hoboy, Agent, Phoenix, AZ
Sun Jan 20, 2013
Here is a table with the general waiting periods:…

I suggest you call Ros Moore at Sun West Mortage at (480) 422-5095 to get the most accurate information given your facts. The specific dates of the Chapter 7, foreclosure or short sale will determine the answer based on your debt to income ratio and other criterion..

I would be please to discuss your options as well 623-688-0004.

0 votes
Stephanie We…, Agent, Gilbert, AZ
Sun Jan 20, 2013
Best to speak with a lender because your financial fingerprint is unlike anyone else's and you'll need to provide specifics to know exactly where you stand. All the best!
0 votes
Ann Heitland, Agent, Flagstaff, AZ
Sun Jan 20, 2013
The rules are changing. Consult with a lender you trust.
0 votes
Jose Dias, Agent, Scottsdale, AZ
Sat Jan 19, 2013
In my experience it is 3 years for foreclosure and 2 years for bankruptcy. My best guess without knowing the details about your acquaintance's specific loan is that the builder probably offered an "in-house" loan as an incentive to sell the property. They will keep the loan or sell it to an investor.

Good luck!

Jose Dias, REALTOR
(623) 418-5700
0 votes
Theodore Sho…, , Phoenix, AZ
Sat Jan 19, 2013
That is awesome if you can get one that quickly, a lot of times it takes 7-10 years... Email me at or call me at 3193503263 with any questions!
0 votes
Corneliu Olar, , Phoenix, AZ
Sat Jan 19, 2013

Short Sale:

3 years if delinquent at the time of the short sale

No waiting period if current on all debt at the time of the short sale

(Borrowers are not eligible for a new FHA mortgage if they pursued a short sale agreement on his or her principal residence simply to take advantage of declining market condition to purchase at a reduced price a similar or superior property or if their short sale was on an FHA mortgage)

Bankruptcy: 2 years with reestablished credit

Chapter 7: 2 years with reestablished credit

Foreclosure: 3 years with reestablished credit
0 votes
Search Advice
Ask our community a question

Email me when…

Learn more