Even if you have good income, and no debt,do you still have to wait 36 months to re buy a home after forecloser.

Asked by emilysmith1102, 31774 Thu Jul 19, 2012

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LaShonda Sol…, Agent, Marietta, GA
Sun Aug 11, 2013
Hi Emily,

You've gotten some great advice thus far. I would also suggest working to ensure that you have an adequate credit score - ideally 640 but some lenders can work with a lower score. The stronger your score the better - especially after a foreclosure. You want to assure the lender that you have rehabilitated your credit. A good mortgage consultant would be able to guide you on your credit.

Best Regards,
LaShonda Solomon
Associate Broker
Keller Williams Realty Signature Partners
(678) 477-5226
0 votes
Joycelewis412, Home Buyer, Sacramento, CA
Sun Aug 11, 2013
You may qualify to purchase a home just 1 day after foreclosure. I just found a site that tells you if you can qualify for a mortgage after a short sale or foreclosure. Try http http://:www.whywaitbuytoday.com
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Claudia Sand…, , Tracy, CA
Thu Aug 2, 2012
I am a DE and VA underwriter. The time frame for FHA is 3 years. VA is 2 years and Conventional varies depending upon full FC or short sale and LTV.
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Nfs4085, Home Buyer, Atlanta, GA
Thu Aug 2, 2012
The average time frame for an FHA (3.5% down) or Conventional (10% down) loan is 24 mos. During your waiting period, you must try to re-establish good credit. You have to show lenders that you know how to be responsible in handling your monthly obligations. This will also allow you to develop a good credit score.
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Claudia Sand…, , Tracy, CA
Wed Aug 1, 2012
You only have to wait 2 years seasoning on BK or foreclosure on a VA loan. I have closed many of these in California
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Lynel Adams, , Gainesville, GA
Thu Jul 19, 2012
Yes, the rules and regulations state 3 years from the foreclosure. During this time it would be good to re-establish small amount of credit, which should enhance your score. Make sure the credit you establish is used wisely. Example if a credit line or high credit on a new one is 1000.00, make sure that you keep your balance on said "credit" at 35% or below that would be 350.00 balance or below and make the payments on time.

Time fly's and before you know it 3 years will be here and gone. If I can assist you when the time comes, please call upon me. With 20 years in the industry, I plan to put as many more years into is as I can.

Thank you,

Lynel Adams
Sr. Mortgage Loan Officer
Silverton Mortgage Specialist
NMLS 359696
0 votes
, ,
Thu Jul 19, 2012
Yes, 36 months is the minimum waiting period. Since you quit paying your mortgage, a mortgage company probably incurred a substantial loss because of you It would not make good business sense for another mortgage company to immediately give you a new mortgage.

You state that you have good income, yet you didn't make your mortgage payments. That is another red flag to a mortgage company. In additon, you credit will have suffered quite a bit too with all of the mortgage late payments.

You should plan on continuing to save for a down payment and closing costs and to wait at least 3 years.

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing
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Suzanne MacD…, Agent, Succasunna, NJ
Thu Jul 19, 2012
Generally, yes, but there are exceptions to the rule. Did you go through a full fledged foreclosure or was it a short sale? Short sales are much easier to recover from, which is why realtors tell underwater homeowners all the time to go that route but not everybody listens. With a short sale, if you can manage to keep your payments current while the short sale is negotiated, you can sometimes buy again right away, but a foreclosure is a different story. With a full foreclosure, the waiting time is 3 years.
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Gregorio Den…, , San Diego, CA
Thu Jul 19, 2012
A 36 month wait would be the soonest assuming you get FHA financing. If you want conventional financing then the wait is 7 years unless there were documentable extenuating circumstances.
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