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

by joescabs670 from Naples, Florida. 11 days ago Reply


Michael Bardy (LendingPro)
#2 ranked lender in Ohio - 71 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.

11 days ago
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,044 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

11 days ago
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