Buying After Foreclosure: Buying a Home After Foreclosure

In the last few years, more than just a handful of people have went through foreclosure all across the country. Today, even as more people go through the foreclosure process, people who have went through the foreclosure process are now wondering how long it is before they can buying again after a foreclosure – and the good news is that it might not be as long as you think before you can buy again after foreclosure.

Are you one of the people who are asking the question:

How long is the waiting period for buying after foreclosure?

Buying after foreclosure: some loan programs available immediately?

If you are looking at buying again after a foreclosure, here are some things that you will want to take into consideration:

  • Every loan program has different waiting periods and guidelines for buying again after a foreclosure
  • Re-establishing your credit is vital before applying for any loan program after a foreclosure
  • You will most likely be asked for additional information when getting a new loan for buying again after a foreclosure

Learn more about buying after foreclosure.

Buying After a Short Sale: Buying a Home After a Short Sale

If you are one of the millions of people who have went through a short sale in the last few years, you are not alone! The good news is that if you have short sold your house in the past, it is possible to get into a position to get a new loan in as little as only a few months after your short sale.

You read that right: some loan programs allow you to get into a new mortgage loan in as little as 12 months after a short sale.

Buying a home again after a short sale and getting a mortgage is going to depend on what type of mortgage you are trying to qualify for. FHA guidelines are different than FNMA guidelines as far as getting a mortgage after short selling your home in the past and USDA and VA guidelines are even different still.

Learn more about buying after a short sale.

Buying After Bankruptcy: Buying a Home After Bankruptcy

Going through bankruptcy allows many people to restructure their overall debt and once they have re-established a credit history, they are now in a position to be buying after bankruptcy.

It is possible to get an FHA loan after your bankruptcy has been discharged for TWO (2) years with a Chapter 7 Bankruptcy.

It is possible to get an FHA loan after your bankruptcy has been discharged for ONE (1) year with a Chapter 13 Bankruptcy

Regardless of what chapter of bankruptcy, it is important that you have re-established your credit and have a credit score that is at least 640 for many lenders.

Still have questions about what your waiting period will be for your particular situation, be sure to contact one of our home loan experts who can help you know exactly what your waiting period will be to get a new mortgage after a bankruptcy, short sale or foreclosure.