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How long do I have to wait to get a home loan after foreclosing on my mortgage?

by LLayne from Everett, Washington. Apr 29th 2013 Reply


Barb Lanis (BarbLanis)
#69 ranked lender in Illinois - 679 contributions

The shortest Waiting Period is 3 years with an FHA loan. The waiting period is based on The Date that the deed to the property was transferred Out Of Your Name, not the date you moved out of the home or the date that you received the notice of foreclosure. Check the public records first to determine what that all-important date is. Here is the breakdown:FANNIE MAE:Foreclosure - 7 yrs. from completion dateFREDDIE MAC:Foreclosure - 7 yrs. from completion date, 4-7 Years must have 10% downFHA:Foreclosure - 3 yrs. from completion date

Apr 29th 2013
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Peter Savino (855411LEND)
#99 ranked lender in New Jersey - 332 contributions

3 YEARS is the current rule for a FHA loan, sorry to say. www HOMEMORTGAGEXPERT.COM

Apr 29th 2013
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LaMotte Shipley (LaMotteShipley)
#70 ranked lender in Maryland - 1 contribution

The Rule for FHA is 3 years however it doesn't start until the title changes hands. There can be exceptions made to the rule if you can demonstrate extenuating circumstances beyond your control.

Apr 29th 2013
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Jerry Potter (JerryPotter)
#78 ranked lender in Washington - 37 contributions

Check out my blog at https://www.lender411.com/mortgage-articles/8658/purchase-a-home-after-adverse-financial-event/Be happy to meet with you.

Apr 29th 2013
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Dave Metsker (DaveMetsker)
#35 ranked lender in Oregon - 2,318 contributions

Three years after actual date of foreclosure completion.

Apr 29th 2013
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Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

3 years unless you have 35-40% down payment, then you could purchase now.

Apr 29th 2013
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Carlos Figueira (carlosfigueira)
#107 ranked lender in New Jersey - 199 contributions

3 Years

Apr 29th 2013
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,249 contributions

Barb gave you the bottom line.

Apr 29th 2013
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Barb Lanis (BarbLanis)
#69 ranked lender in Illinois - 679 contributions

Three years, and you have numerous lenders responding the same way. If anyone tells you otherwise, they are full of you know what. There are rare circumstances where extenuating circumstances can overcome the foreclosure wait period. The term "Catastrophic" problem must ring in your ears, otherwise you need to wait 3 years in order to apply for a new mortgage.

Apr 29th 2013
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James Mazzola (Mazzola)
#109 ranked lender in New Jersey - 314 contributions

3 to 4 years

Apr 30th 2013
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Steven Cook (stcookmortgage@gmail.com)
#37 ranked lender in Washington - 256 contributions

Hello -- everyone has given you good answers, for the programs they are discussing. Since you are in Everett, and there is a Naval base there, wanted to let you know that there is one other possibility, if you qualify, and that is a VA loan -- for that there is a 2 year wait after the foreclosure completion date.

Apr 30th 2013
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