Buy After Foreclosure 

HomeForeclosureCenter is the expert when it comes to buying a home after a Foreclosure. We stay updated on a daily basis with the different lenders on their requirements for buying a home again after a Foreclosure.  The requirements are constantly changing so it is important to get advice from someone who is an expert.

Please see below for the most recent requirements and guidelines from our lenders:

FHA Loan:

Option 1

If the Short Sale was the result of documented extenuating circumstance that were beyond the control of the borrower and the borrower has re-established good credit since the foreclosure, the lender may grant an exception to buy again in 24 months. Extenuating circumstances include serious illness or death of a wage earner but do not include the inability to sell the house because of a job transfer or relocation to another area.

Option 2

After 36 months, with proper documentation, you can buy again after a Foreclosure.  With FHA, the minimum down payment is 3.5%.  You can show that the reason for the Foreclosure was loss of income, unemployment, financial hardship, etc., then you are a great candidate to purchase a home again within 36 months of your Foreclosure.

VA Loan:

Option 1:

If you have extenuating circumstances, it is possible to buy a home after 12 months.

Option 2

After 24 months, with proper documentation, you can qualify to buy a home again.

Conventional Loan:

Option 1

After forty eight months, you can buy again with a 20% down payment with an automated approval and a 620 credit score.  Between 10-20% down payment, you will need a 720 credit score.

Please contact us to review your situation so we can advise you on the best options available.

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