Can you purchase another home if your home has been foreclosed and if so, how long after?

Asked by Ann M Puryear, Greensboro, NC Sat Oct 13, 2012

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Michele Wils…, Agent, Lake Forest, IL
Sat Feb 2, 2013
Ann, The short answer is yes you can purchase a home after foreclosure. But the rules as to timing and type of financing are constantly changing. Best for you to speak with a Mortgage professional. Your Realtor can provide you with several recomendations.
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Lydia DeLeo, Agent, Wilmette, IL
Sat Oct 13, 2012
Yes you can purchase a home after having been foreclosed upon, however it may take a number of years to repair your credit before becoming eligible. The standard waiting period for a Fannie Mae loan is 7 years. However If the foreclosure was the result of a documented extenuating circumstances, (Extenuating circumstances are non-recurring events that are beyond your control that resulted in a sudden, significant and prolonged reduction in income, or a catastrophic increase in your financial obligations) then you may be eligible for a Fannie Mae loan in as little as three years. In addition, there are some banks, ie Private Lenders....that may be willing to provide you with a loan even sooner.... however typically will require a larger down payment at a less competitive rate.

Hope that helps!

Lydia DeLeo
0 votes
Thank you so much!!!
Flag Sat Oct 13, 2012
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