How long do you have to wait to buy another house after a forcloser?

Asked by tatemay, Chandler, AZ Mon Nov 12, 2012

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Terry Parrish, Agent, Phoenix, AZ
Sun Mar 2, 2014
Please email me and I will send you a time table chart for all the loans available for financing a home.
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Debi Gotlieb, Agent, Chandler, AZ
Mon Jun 3, 2013
Bill Parker has succintly answered your question. There is also once last avenue that some of my clients have utilized and that is hard money loans. If you are worried that you might not be able to afford a home in the next few years, because of the home prices increasing, you might want to go with a higher interest private lender. Because you are now a bigger risk, they will want a higher interest rate. There are several good private lenders out there that aren't sharks.
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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.
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Stephanie We…, Agent, Gilbert, AZ
Wed Dec 5, 2012
I've had VA buyers get one after 2 years thus their are many many variables that will determine how long best answered by a consultation with a loan professional. All the best!
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Grace Adewumi, Agent, SCOTTSDALE, AZ
Mon Nov 12, 2012
Hi Tatemay,
Generally speaking it takes about 7years, if you used a conventional loan. If you used some other loans it may take a lot less years. It also depends on the situation that caused the foreclosure. A loan officer can best answer your question and will also be able to see where you are right now and be able to recommend what you need to be doing. If you need to speak to a loan officer I can recommend an experienced loan officer that I know. Call or e-mail me today and I will forward his information to you.
Grace Adewumi
Realty One Group
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Christine Sa…, Agent, Gilbert, AZ
Mon Nov 12, 2012
Hi Tatemay,

There are a few variables that the lender will want to know about. Things like how long ago, type of, history since, etc. The best thing to do is start. If you think that you really want to be in a position to buy then call or get involved soon. You may already be able to purchase and not know it.

I have several buyers this month that are either buying or getting their credit repaired that have had foreclosures anywhere from 2 to 3 years ago. I have a lender with a program that is allowing you as the buyer to get 5 to 6% to help with closing costs and down payment. This is a considerable amt of money that is available. One client is getting $18k to help with his purchase. Please let me know if you need more information. I live in Chandler and can meet and greet or I can be reached by text, phone or email.

I would love the opportunity to just discuss your options!

Tina Sanchez
ProSmart Realty

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Shawn Schnoor, , Phoenix, AZ
Mon Nov 12, 2012
Hello Tate,

I agree with most of the responses so far. If the foreclosure is the only adverse mark on your credit and you've maintained other credit accounts, depending on how much your credit score took a dive, there are some loan programs that lay claim to allowing you to get a mortgage as quick as one day after foreclosure. I know of a mortgage company here in the East Valley that has such a program. If you are thinking of buying soon and want more information about that mortgage company, feel free to give me a call. (480) 313-5758

Good luck!
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Bill Parker,…, , Scottsdale, AZ
Mon Nov 12, 2012
Hi Tatemay:

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
NMLS #223607
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
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Desert Premi…, Agent, Mesa, AZ
Mon Nov 12, 2012

I would definitely talk to a lender. There are a few programs out there that can get you in a home just after short sale / foreclosure. Most loan programs, you'll need to wait a few years. If you need a referral to a lender, please let me know. I have several that can work with you on the road to home ownership! Good luck.
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G.P. "Buck"…, Agent, Minneapolis, MN
Mon Nov 12, 2012
Generally three years. But you can also look at other options such as a contract for deed. With a C/D you could buy a new house right away
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CAgent007, Agent, Scottsdale, AZ
Mon Nov 12, 2012
Hi Tatemay

Speak to a lender first, but I believe its three years. A great lender with this type of experience will help guide you on the right path if you do not qualify and or match you with the right loan program. Feel free to call or email me with any other questions.

Juan Pesqueira
American Associates Real Estate
Homes | Condos | Investments
Spanish and English speaking Realtor
Realtor, Appraiser
8930 E. Raintree Drive Suite 200
Scottsdale, AZ 85260
Office 480-458-8007 | Fax 480.767.7200
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Jennie Miller…, Agent, Phoenix, AZ
Mon Nov 12, 2012
There are many different loan programs available so you will want to talk to a lender. Furthermore, you could buy a house for cash or with a seller carryback loan.
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Debbie Nieman, Agent, Phoenix, AZ
Mon Nov 12, 2012
The best thing to do is discuss that with a qualified lender. There are different situations that allow different circumstances to have different time frames. I'm not being evasive - it is just that every situation is unique and different. As a Real Estate Professional I allign myself with quality lenders and would happy to provide a name or two for you to reach out to.

Please let me know the best way to contact you and I'll get you the information.

Have a great Veterans Day.

Debbie Nieman
Keller Williams Sonoran Living
0 votes
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