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When can I buy a home again after foreclosure?

If you’ve gone through a foreclosure but managed to get back on your feet, there’s no doubt that you’ll want to get back into the real estate market at some point – but how soon can you get a bank long following foreclosure? The worst-case scenario is seven years, but there are a lot of nuances that go into that, so let’s take that as a starting point.

In most cases, the waiting period following a foreclosure is between five years and seven years. However, Fannie May has created new guidelines deemed as Documented Extenuating Circumstances. Extenuating circumstances involve things that severely impact your ability to make regular mortgage payments: death of a primary income earner, costly illness, or an injury that affects your ability to earn an income. If you have foreclosed under extenuating circumstances, the wait period following a foreclosure is reduced to three years.

The important thing, then, is to make that your extenuating circumstances can be documented. This means legal documents, medical records, company papers, and other official paperwork must be provided to a potential lender, along with an explanation of the documentation’s relevance to the situation.

Remember that Fannie Mae requires a seven-year credit/public record history review. The best thing to do following a foreclosure, regardless of circumstances, is to start rebuilding your credit right away.

Search online for foreclosure homes at www.bestreohomes.com  

Posted: Monday, February 22, 2010 9:03 PM by Israel and Rachel Gonzalez


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