Mortgage after foreclosure

Asked by Daintyny, Montclair, NJ Sat Feb 23, 2013

I have a home that was foreclosed in another State in 2010. My credit score is back around 700. Should I wait to apply for a mortgage? I was told 3-4 years after foreclosure before banks will consider giving a mortgage loan. Thanks

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Javier Meneses’ answer
Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Sun Feb 24, 2013
Depending on what loan program you're thinking about applying, your wait is 3-4 years. I would definitely recommend you meet with a Loan Officer and give him/her the opportunity to review your credit and all other necessary documentation (income, bank statements, etc.) so they can determine if you'd qualify for a mortgage. This is the only way you'll know for sure where you stand.

Good luck!

Javier Meneses
Senior Loan Officer
NMLS #23130
310 Crossways Park Drive
Woodbury, NY 11797
(516) 740-4478
4 votes
aftervince19…, , Greenville, NC
Wed Apr 9, 2014
See Comstock. They have a flexible credit loan. This program assists homeowners who have recently been through a foreclosure, short sale or have recently emerged from bankruptcy.
0 votes
, ,
Mon Nov 18, 2013
Yes, typically most lenders will require a few years (3-4) post-foreclosure before becoming eligible for mortgage financing. However, I do work with a portfolio lender who only has a 1 year waiting period. Being that the property foreclosed in 2010 it's safe to say you are eligible with them. To ensure all other eligibility requirements are met, please give me a call at your earliest convenience so I can gain a clearer snapshot of your scenario and provide you with cost effective financing options. I may be reached via phone or email; whichever is easiest for you.

Kindest regards,

Paul F. Marzolla
Sr. Mortgage Advisor
(201) 957-6768
0 votes
cortneykelle…, Home Buyer, 27932
Sun Nov 17, 2013
Borrowers who lost their homes due to foreclosure no longer have to wait 3 years to apply for a new loan. Visit and see if you qualify today.
0 votes
Roy Bush, Both Buyer And Seller, Phoenix, AZ
Sat Jul 13, 2013
I had a buyer that wanted to buy a home in Arizona, but he had a Chapter 7 bankruptcy 7 months ago. After researching the web I found 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
Patti Kane, Home Buyer, Boulder, CO
Sun May 19, 2013
I had a short sale last year and my Realtor recommend for a home loan. I am very happy to be able to purchase again.
CFS Mortgage assists homeowners who have recently been through a foreclosure, short sale or have recently emerged from bankruptcy.
0 votes
Terri Club, , Arizona
Thu Apr 18, 2013
I had a client who wanted to buy a home in Arizona, but he had a foreclosure. After researching the web I found a loan program at, they allow a mortgage after a foreclosure. There is no waiting period. Good to see lending options coming back.
0 votes
, ,
Mon Feb 25, 2013
-3 years out for an FHA loan
(minimum down payment of 3.5%)

-4 years out for an conventional loan

Good luck,
Antonio Llamas
0 votes
Andrew Tisel…, Agent, Clifton, NJ
Sun Feb 24, 2013

contact Craig he is a Mortgage banker and has different regulations as he deals with investors not banks.

Craig Andriulli
Vice President
NMLS #212830
Bond Street Mortgage, LLC
NMLS #191351
Cell: 201-647-4180
Office: 201-918-4980
Fax: 201-918-4981
0 votes
Simon Campbe…, Agent, Miami Beach, FL
Sun Feb 24, 2013
With a foreclosure, the waiting period is 5 years up to 7 years. If you have extenuating circumstances-- typically situations beyond someone's control, like a job loss -- it can be cut down to 3 years.

Fannie Mae has just upped the length of time it takes from the completion of a foreclosure sale until the borrower can get a new mortgage from four years to five years.

Perhaps the best option for obtaining a mortgage after foreclosure is with a federally insured FHA loan. The minimum time between the completion of foreclosure until when you can be approved for an FHA loan is three years -- whether or not there are extenuating circumstances. Still, FHA borrowers will have to show that they've been practicing good bill-paying habits since the foreclosure.
0 votes
Marsha Bowen…, Agent, Livingston, NJ
Sat Feb 23, 2013
I had client in a similar situation and was told that she would need to wait 3 years. You should check with a mortgage professional as now all situations are the same. In addition, there will be more restrictions initiated by the Consumer Financial Protection Agency that will take effect in 2014 for home buyers.
0 votes
Suzanne MacD…, Agent, Succasunna, NJ
Sat Feb 23, 2013
Definitely talk to a mortgage professional. I can refer you to someone who is excellent if you reach out to me here on Trulia.
0 votes
Brian Diehl, Agent, Verona, NJ
Sat Feb 23, 2013
You should contact a mortgage professional. You can contact Frank Gatto on his cell phone at 201-650-2763 or email him at Frank is an experienced mortgage professional who works for Home Capital Network, and he can answer your questions.
0 votes
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