It depends..... :)
For a Fannie Mae loan it is normally 7 years. With "Acceptable Extenuating Circumstances" (AEC--see below) It can be as little as 3 years, with 10% down.
For a FHA or USDA loan it is normally 3 years from the end of the foreclosure process. It can be as little as 12 months with AEC.
For a VA loan it is normally 2 years from the end of the foreclosure process. It can be as little as 12 months with AEC.
"Acceptable Extenuating Circumstances" are defined slightly differently for each loan type, but "Unforeseen circumstances, beyond the control of the borrower, which are highly unlikey to reoccur." is fairly common. Death of a spouse, forced re-location, etc., are examples. Divorce is NOT.
Good luck. Let me know if I can be of further service when it is the right time to buy.
Bill Parker, Loan Officer
AZ Lic# 09011570
CPA--Licensed, no longer practicing
GenCor Mortgage Inc.
15730 N. 83rd Way, Suite 103
Scottsdale, AZ 85260
(O) 480-525-8496; (M) 602-565-3646; (F) TBD
MISSION STATEMENT: To create an unbelievably enjoyable experience for my clients, while guiding them through the most important financial transactions of their personal lives. My clients know me as their Mortgage Lender for Life. I truly appreciate your referrals.
If you think it's expensive to hire a professional to do the job, wait until you hire an amateur.
Red Adair, Oil well firefighter