can I buy a home.

If she does not have a mortgage on the other properties, she can be credited with rental income. That + earned income could be enough for her to qualify on the new purchase. Contact your local lender and have them run all the numbers for you. Best of luck!

The waiting period for a foreclosure is 3 years for FHA, 2 years VA (you must be a Veteran of our military), and 3 to 7 years for USDA and conventional. So your answer is no.. You cannot qualify right now.. Keep in mind that these time frames are based on the day the property was transferred out of your name. If you "turned over" the property back to the bank, but the bank didn't actually foreclose until a year later, then the clocks start ticking a year later.. if your friend has sufficient income and credit, then they can purchase another home, but she would have to qualify on her own, without counting on your income... if you want to know for sure, you should contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. 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

To obtain a traditional mortgage, probably not until you complete three full years from the date the foreclosure deed was recorded. If you have 40% of the purchase price to put down, it is possible to find a private or hard money lender that will lend to you now, but they are expensive. You will want to work with a local Mortgage Banker/Broker, rather than one of the big banks or big national mortgage factories. They will be able to review your exact situation and maybe determine that her credit isn't as bad as you think, or is easily correctable. Good luck to you. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950

Unfortunately you will have to wait until you hit the 2 year mark. Congrats on getting your score up and once you have past 2 years you should be able to get something.

Just to clarify.. the mandatory waiting period for a BK is 2 years, however because there was a home foreclosure involved, the waiting periods I previously stated above will apply.. Even if the home was turned back to the lender in the BK.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. 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

you have to wait for 3 years.

I have any, and every financial service option available. Feel free to contact me anytime to brainstorm over what options you have to better your financial situation. Kiyoshi Toll free: 866-972-3163

William gave youa good answer. You will not qualify at the moment.