If I was foreclosed on back in 2010, can I buy a home now?

Great Question. Many people are in different SITUATIONS and the guidelines are all different depending on the TYPE of loan you may be able to qualify for. I sat down with all the guidelines from Fannie Mae, Freddie Mac, FHA, VA and USDA and wrote a great BLOG that has the "seasoning requirements" for each type of situation that many folks are in now.Follow this link to get more info: http://iloanminnesota.com/2010/11/02/waiting-periods/ and then contact me to help you with your EXACT situation.That specific link is the most viewed page of all our BLOGS from our branch. (I'm sure its not even close to as many HITS as Joe gets on his site... but it may be close)Quick answer... we could direct a loan to Freddie Mac or maybe with USDA depending on all the other specifics.

Lots of people make it sound like there are options, the reality is traditional leading requires three full years pass after a foreclosure before 99% of lending programs will even look at you.

Your best bet is to go an see if you can get pre approved before going any further. If your debt to the bank was taken care of and your credit is good, I would see no reason you couldn't buy again. The approval process is much tighter now but it's possible yes. More than likely they are going to look for a 10 to 20 % down.

It's 2 years if you go conventional with a minimum of 10% down, and extenuating circumstances. FHA required 3 years. WilliamAcres.com

That depends on what type of loan you seek...Currently for FHA the waiting period is 3 years from the trustee sale date. On a Conventional loan, the waiting period is 7 years. Otherwise there is Hard Money which can be costly and isn't for everyone, but you could buy now with 35% down.

Hey Walter,They are both right. There is a 99% chance you will not be able to qualify for 3 years, however a few odd circumstances that may apply to you could change that. Even without those circumstances, If you are a vet you ,may qualify this May. Message me if you would like more information.

Typically it's going to be 7 years for a conforming loan unless you have extenuating circumstances that be reduce this time period down to 3 years. FHA will allow you to repurchase 3 years from the date the foreclosure was completed and transferred back to the bank. I offer a Path2Buy program that tracks your progress on the way to re-purchasing next winter. Please call me at 763-202-7600 and learn how to get on the Path2Buy Program for free. Dan Evelandwww.whatisyouraddress.com

3 years from the finalization date of your foreclosure, re-established credit & no delinquency since. Anyone that tells you otherwise is flat out wrong.

3 years at least unless you do something clever such as a "Subject To" purchase or have a huge downpayment & use hard money. Best of luck!

Here are the guidelines for conventional foreclosures: Home was given back to the bank - No owner participation. 7 years from the date foreclosure completed and transferred back to bank if they had NO extenuating circumstances. 3 years from the date foreclosure completed and transferred back with acceptable extenuating circumstances AND 10% down payment. Here are the guidelines for FHA foreclosures: 3 years from date foreclosure completed and transferred back to the bank. OR less than 2 years but not less than 12 months from the date completed and transferred back to bank may be acceptable if the result of acceptable extenuating circumstances.If you have any further questions, feel free to call me at 612-812-1023

Although there are many answers to your question, the reality is that both Conventional (Fannie/Freddie) and FHA are going to penalize you for the foreclosure. Conventional lenders that sell to Fannie/Freddie are going to hold you to a minimum of two years, and FHA is going to hold you to a minimum of three years. Depending on your credit, income and ratios, you may be eligible shortly. Contact a local Mortgage Banker/Broker, rather than one of the big banks. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. He/She will have access to loan products of many lenders, not just those of one bank, and can properly guide you. But more importantly, He/She is trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com