can i buy a home after having a foreclosure?

After having a home foreclosure in Feb 2008, will i be able to buy another home in the future? If so, what are the requirements?

By | 2013-08-26T09:23:17+00:00 August 26th, 2013|Mortgages Home Loans Interest Rate|6 Comments

About the Author:

6 Comments

  1. Aimee August 26, 2013 at 12:44 PM - Reply

    You’ll need about 5 years to pass to get a loan from a bank.
    Maintain good credit and actively improve on it.

    That being said

    You could by a home TOMORROW if you found a seller willing to finance.

    Research seller financing to learn more.
    Make sure you have a real estate attorney write up the papers to protect you.

    There are many desperate sellers out there today and if you can show them a decent employment history and that you are a stand up person you will be able to strike a deal to buy a home.

    As an example:
    I was recently forced to evict tenants from my rental property.
    During that process they purchased a house through seller financing.
    They were being evicted for non-payment of rent yet somebody was willing to sell their property to them none the less…

    They stopped paying that person just a few months later and were foreclosed upon…

    Point of the story is if you look you will find a seller willing to finance.

  2. Paul C August 26, 2013 at 12:32 PM - Reply

    The wave of foreclosures in this country is unprecedented and there is no accurate way of projecting out how long a foreclosure on your record will influence your ability to finance a home in the future. The general consensus is that “seven years” from the date of your foreclosure is a rule of thumb. However other external forces such your other borrowing behaviors and credit reporting during that timeframe will also influence your ability to acquire a mortgage.

    Your initiatives–or order to prepare yourself for mortgage-borrowing in the future–should focus on maintaining a high credit score (i.e. paying your bills on time) and sitting out the time it’s going to take for a home loan company to have confidence in your ability to repay a mortgage in the future.

  3. ! ! August 26, 2013 at 12:29 PM - Reply

    640 Credit score,down payment,2 year job history,qualifying income for the price of the house,and a lender willing to give you the loan for the house.I have only heard that you have to wait about 3 years and am not sure on that one.

  4. wrongedincali August 26, 2013 at 11:30 AM - Reply

    Yes you can Your record will be clear from it after four years but if you can show good credit history for 3-4 years they will lend to you again

  5. Linda R August 26, 2013 at 10:32 AM - Reply

    I don’t know how much a foreclosure effects your credit rating and for how many years, however, if you have cash…then buy a home…if not, expect to pay extremely high interest IF you can find someone who will finance you again.

  6. Lawrence The Metalhead August 26, 2013 at 9:58 AM - Reply

    Bribe Donald Trump. Not with money. He has plenty. But with a decent hairpiece LMAO!

Leave A Comment