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How long after a foreclosure do I have to wait to get a loan?

by joescabs670 from Naples, Florida. Dec 1st 2017 Reply


Michael Bardy (LendingPro)
#24 ranked lender in Ohio - 72 contributions

Most lenders who offer FHA financing will say 3 years is the mandatory waiting period. In the past two years numerous portfolio products have become available that allow for approval without a waiting period after foreclosure. These programs will generally be offered with a higher rate (6-7.5%) and require a 10-20% down payment.I am a licensed mortgage broker in the state of FL and would be glad to assist you. Please feel free to contact me at 216-245-5363 x 100 with any further questions.

Dec 1st 2017
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,455 contributions

When talking about "Conforming" loans... (FHA, VA, USDA, Conventional)There guidelines are different for each one.. FHA has the "Back to Work" program, where you can purchase a home 12 months out of Foreclosure. The guidelines are very strict, but so long as you meet the eligibility requirements, there is a loan for you with only 3.5% down. Otherwise, FHA is 3 years. VA is 2 years, but you must have VA eligibility.. Also, not every lender will go by the 2 year waiting period.. some will make you wait 3 years. USDA is 3 years and for conventional, its 7 years. There are also portfolio loan products which will allow you to buy now with no waiting period, but the rates are much higher and you will need a minimum of 20% down, if not more.. Also understand that the waiting period starts when the property actually foreclosed.. not when the lender started their action.. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Dec 1st 2017
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Thomas Dasta (lendfm)
#32 ranked lender in Georgia - 51 contributions

It really depends on your situation. The waiting period is 3 years. i do offer alternative products. You can reach me at 800-660-3140,

Dec 12th 2017
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Joshua Lerette (FloridaFHAVALender)
#210 ranked lender in Florida - 47 contributions

Mandatory Min Wait Periods Are;Conventional - 7 YRSFHA - 3 YRS (2 YRS with extenuating circumstances and 1 YR with FHA's "Back to Work" Program)VA - 2 YRS (1 YR with extenuating circumstances)*Back to Work program requires proof of lost income/wages (non-self-employment) greater than 20% the year leading up to the foreclosure process starting.Also, if the foreclosure was due to a divorce and the spouse was awarded the property and financial responsibility of the property and ultimately foreclosed after the divorce was finalized, there is no waiting period at all. The home loan must have been current prior to the divorce though.

Dec 12th 2017
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