How long after a foreclosure can I apply for a new home mortgage?

The ruling is 3 years from the date the deed was taken out of your name for FHA and VA, Conventional it is 2 years with at least 10% and a 700 credit score, it sounds like you have a good plan in place to purchase a new home in 2 years, work on getting the middle credit scroe up above 620+ or higher, that will optimize your chances on obtaining a good loan.

You need to have 3 years removed from foreclosure for FHA. 2 year for Bankruptcy. Must have clean credit after bk and foreclosure. Currently need a minimum 640 score for FHA

Actually, I think FHA has the shortest required wait after a foreclosure which is 3yrs. Conventional will be longer. Keep your credit straight, have at least 3 accounts including one revolving and make sure not to have any late payments. In 3 years you should be ready. Also, of course saving money and have money in the bank account looks good.

Great job on getting you credit back on track. I am located just across the river in Newtown but live literally across the river in Fallsington. To answer your question of course it depends. Do not mean to be vague but the circumstances are everything. Here are some general guidelines: Minimum of tow years for Government loans like FHA VA and the rehab loans 203k. Conventional mortgages typically are a minimum of four years. You might even need to prove extenuating events that lead the resultant BK. Most important to becoming for traditional financing is to re-establish your credit and ensure that you can document payment history of your housing expenses (rent). Further you want to ensure (without reopening your BK) that everything that was included in your BK was and does not start popping up again later. Only you can and will guard your credit. I would be glad to talk to you in detail and relay any information that I can to help. The key is save money because reserves help overcome any unforeseen financial pitfall and purchase your next home within your budget. Hope to speak to you soon.Happy holidays to you and yours.Patrick Cashman 215-968-0100NMLS #215938

Hey Trenton... different programs have different timelines, and they all have minimum credit score requirements. FHA financing is 3.5% down, credit score generally 620 or better, and requires a 3 year waiting period from the date the home was transferred out of your name. I say "Transferred out of your name" because we are seeing some lenders hold on to properties without foreclosing for a couple of years after the owner vacates the property. Check with your local recorders office and search for the deed that transferred the property back to the bank. This is the date your 3 year clock begins. On conventional financing, 2 years is sufficient but 700 credit score and at least 10% down. WilliamAcres.com

You are probably closer to your dream than you realize. At best you are looking at two years from the date the foreclosure deed was recorded, but then only if your score is 700+. FHA requires a minimum of three years from the date the foreclosure deed was recorded, and a minimum score of 620. The best advice I can give you is to start looking for a local Mortgage Banker/Broker to work with. Avoid the big banks since they tend to be mostly order takers. Unlike bank employees, a Mortgage Banker/Broker is Trained, Tested and Licensed. Starting the process now, will allow you to establish a working relationship with a Mortgage Originator who can help make sure you are doing all the things you need to do to become "Loan Ready" the first day you are eligible again. I find that with many consumers who have suffered through circumstances similar to yours that there many small but important issues that need to be resolved before a new loan will be approved. It makes sense to get these resolved as early as possible. Don't forget to check out your selected originator at www.nmlsConsumerAccess.org.