How soon after a foreclosure can someone purchase a home?

Asked by Rochelle1, 95682 Mon Mar 28, 2011

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8
Sam Longwell, Agent, Cameron Park, CA
Tue Dec 18, 2012
Conventional - 7 years from completion date or 3 years from completion date if buyer puts 10% down.

FHA - 3 years from completion date or 1-2 years from completion date for extenuating circumstances.

VA - 2 years from completion date or 12-23 months from completion date for extenuating circumstances.

USDA - 3 years from completion date or less than 3 years form completion date for extenuating circumstances.

Extenuating circumstances are temporary events that are beyond a borrower's contros, such as loss of job, medical bills or death of a wage earner. Divorce and the inability to sell the house after a job relocation do not qualify. These events must be verified and documented, and they are subject to reviw by an underwriter.
0 votes
Robert Chome…, , San Diego, CA
Fri Aug 10, 2012
Check when the property transfered out of your name and then count:
-2 years for VA
-3 years for FHA
-7 years for conventional

Give me a call or email at homeloan8@gmail.com if you would like me to look up what date the deed transfered out of your name.
0 votes
Donna Meyers, Agent, El Dorado Hills, CA
Fri Aug 10, 2012
I agree that it is best to speak with mortgage loan broker to answer this question for your unique personal sitution. However on a positive note, I have closed 2 escrows for buyers after letting their previous homes go into foreclosure status. One buyer just closed 2 weeks ago, they used a conventional loan Fannie Mae loan and had a short sale on his record that was 27 months old. Another buyer of mine had been foreclosed on by the senior bank. Buyers wrote a letter of explanation and had rebuilt their credit so they were able to close escrow with FHA loan after 3 years. Hard work and dedication can make all the difference.
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Karen and Pa…, Agent, Cameron Park, CA
Fri Jun 15, 2012
3 Years after a foreclosure in order to use an FHA loan.
0 votes
Doug & Bud Z…, Agent, Placerville, CA
Mon May 28, 2012
Good information in the previous answers. However, we suggest you also seek information about your unique stiuation from 2 local lenders.
0 votes
Stan Caylor, Agent, El Dorado Hills, CA
Fri May 25, 2012
FHA loans are requiring 3 years after a foreclosure but everything else on your credit must be PERFECT for the last 3 years as well.
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Doug & Bud Z…, Agent, Placerville, CA
Tue Mar 29, 2011
Every situation/ foreccosure is unique!
If the home is occupied creates different time frames?
Lenders that foreclose may not market the home for weeks or months?
0 votes
Anna M Brocco, Agent, Williston Park, NY
Mon Mar 28, 2011
Much will depend on the circumstances that led you to foreclose, your current finances, credit, debt, etc.; generally it can take about five to seven years or so...
0 votes
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