When can we buy a house after foreclosure.?

Asked by Kimberly, Ypsilanti, MI Sat Mar 24, 2012

Husband had a foreclosure. Trying to get a FHA Loan. We are legally free and clear from all obligations to foreclosed house.Sherriff sale was 03/09. end of redemption period was 09/09. House was sold in 12/09. We were told that we can buy in 03/12 (3 yr from sheriff sale), now we are told 09/12 (3 yr from redemption period). But we were just told yesterday 12/12 (house sold). Can someone please give me a straight answer. All of our finances are perfect. His credit score is 680. I would appreciate honest answers and not a profeesional just trying to speak. This process has been very diffitcult and it seems everyone has a different answer. Or being on the same page.

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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. I introduced a loan program at http://www.cfsflex.com, 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.
1 vote
aftervince19…, , Greenville, NC
Sat Apr 5, 2014
Don't let a foreclosure stop you from buying a new home. See Comstock if you have a buyer in need.
0 votes
cortneykelle…, Home Buyer, 27932
Sat Nov 23, 2013
Borrowers who lost their homes due to foreclosure no longer have to wait 3 years to apply for a new loan. Check out http://www.whywaitbuytoday.com for more details.
0 votes
Terri Club, , Arizona
Sun May 5, 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 http://www.cfsflex.com, they allow a mortgage after a foreclosure. There is no waiting period. Good to see lending options coming back.
0 votes
Kathy Koslov…, Agent,
Wed Apr 10, 2013
Check with a lender and see when they will give you a loan.
Some are within a year and others much longer.
If you need assistance, give me a call.
0 votes
Jim Brennan, Agent, Canton, MI
Tue Mar 27, 2012
Hello Kim,
I had a client with the same situation, and the lender could not start the process until the exact date of the sheriff sale. To top it off they were able to use MSHDA funds for down payment assistants. Make sure you find a great lender and an excellent agent.
Hope this was helpful, and best of luck.
0 votes
Jamie Hastin…, Agent, Canton, OH
Sat Mar 24, 2012
Hello Kimberly,

All the agents below have posted accurate information on the time line to buy after foreclosure. It is 3 years from the sheriffs' sale date and longer if it was a FHA foreclosure. I also wanted to tell you that after 3 years of no home ownership you qualify as a first time buyer again. I work with a great loan officer who is a FHA certified lender as well as an FHA trainer, I would be happy to give you his contact information. After all they are the ones who write the loans and would be able to give you an exact answer for you situation. I know that the 680 credit score is above the needed requirements for loan. If you have any questions please do not hesitate to contact me.

Have a great weekend!

Jamie Hastings
(734) 444-5323 cell
0 votes
Eric Michael, Agent, Northville, MI
Sat Mar 24, 2012
I answered your other question, but here's the link again, in case you get here first...
0 votes
Teodora Djou…, Agent, Dearborn, MI
Sat Mar 24, 2012
Under the FHA guidelines, you may apply for a FHA insured loan no earlier than THREE (3) years after the sale/deed transfer date. That is if the loan that was foreclosed was NOT an FHA loan to begin with. If your loan was FHA, the period can be longer---in fact, will be three years from the date that the insurance claim was paid corresponding to the previous foreclosure.

Here is an accurate restatement of the regulations of several government mortgage programs and waitings periods:

0 votes
Andy Hargrea…, Agent, Plymouth, MI
Sat Mar 24, 2012
Generally speaking, it will be 3 years from the Sheriff sale date. That was the actual "sale" of the property, not the end of redemption period.

I list and deal with this situation often -- let me know if you want some help getting ready to buy your next place! I'm in Plymouth :)
0 votes
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