Each situation is a little different, but yes this fact will influence your credit score and there will be
time limits before you can apply for another loan to buy a property. In order to find out exactly how long
you must wait in your particular case, you must contact a lender or two, and get their input.
In the meantime, work on your credit score, save money for a substantial down payment, and
have some patience. You can always after your initial contact, contact your lender again and see
if you have a better chance in a few years.
Good Luck to you,
Most Sincerely yours,
Edith YourRealtor4Life and Chicago and North Shore Expert
Working always in the very BEST interest of her clients with @Properties