For how long will a foreclosure affect my credit?
A home was foreclosed on me in 2004. How long do I need to wait until my credit will rebound? I am looking to purchase a new home again but want to be able to lock in the lowest rate possible. by Janiceki22 from Boston, Massachusetts. May 10th 2010
Brian Esquivel (NewAZMortgage)
#23 ranked lender in Arizona - 67 contributions
Hi Janice, we can proceed with your new home loan in as little as 12 months from your discharge date (if it was a chapter 13) and 24 months from your discharge date if it was a chapter 7. Please call me at 602-688-1339 for your complimentary phone consultation. Thanks. Brian, BNC National Bank. besquivel@bncnationalbank.com
Matt Baker NMLS#190779 (MattBaker)
#31 ranked lender in Arizona - 75 contributions
You credit will start to rebound after about two years. If you are up to date on all other bills and have a good pay history your credit could make it back above 620 in order to buy a house. Usually for FHA you can buy a house after 3 or 4 years depending on the circumstances. If it has been 6 years, then that opens you up to other products. The biggest question if you credit score has rebounded back you should be able to get just about any loan you want in today's market. Just be ready to explain the situation and how it has been resolved. Lenders love to see letters of explanation.
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