after a foreclosure, how soon can one buy a house after receiving money from a settlement.

Asked by Lilly, Rancho Cucamonga, CA Tue Aug 21, 2012

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Ruth & Mike…, Agent, Hesperia, CA
Tue Aug 21, 2012
Hello Lily
If you got enough money from the settlement you can buy as soon as you have your funds in the bank (proof of funds will be require by the seller).
If you want to use a loan you need to wait 3 years and make sure to re-build you credit, if you have credit cards continue paying them, that will help you re-build your credit.
There are lenders that will help you if you have a large amount as a down payment, those are hard money loan lenders which will give you a higher interest rate.

I will suggest you to take your time and make a decision in which way you want to go, I will hate to see you getting into a bad loan again.

Good luck !!
Ruth E Feast
626-674-0847
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Bo Goulet, b…, Agent, Spring Valley Lake, CA
Tue Aug 21, 2012
Lilly;

It really depends on your intentions. If you have enough money from the settlement to pay for the house, you can buy it with cash.

If you have 40% to put down, I have somebody who will finance you immediately after a foreclosure.

If you need FHA financing, it might be 3 years after the foreclosure is complete.
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