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2010-11-16 08:42:09
How long must I wait after a foreclosure?

One of the most Frequently Asked Questions by homeowners who are facing or have just lost a home through foreclosure is how long it will take before they'll be able to buy again.  Until recently, the standard wisdom was that 5 years, minimum, would have to have elapsed between the foreclosure and the new home purchase.  Now, though, borrowers can obtain an FHA loan with the low, 3.5 minimum down payment requirement as soon as 3 years following a foreclosure.  To do so, though, all your other ducks must be in a row.  

Post-foreclosure buyers need a credit score of 620-640 to qualify for an FHA loan; higher for a non-FHA loan - given that the foreclosure itself usually dings anywhere from 100-150 points off the credit score (not necessarily counting a full year or more of pre-foreclosure missed payments), former homeowners who want to buy again need to ensure they have no other late payments or credit dings after they lose thier home.  You must have clean credit with no derogatory marks like late credit card payments following the foreclosure,  and you may also be required to document 12 to 24 months straight of on-time rent payments after the foreclosure.  

Further, the bank may impose a lower debt-to-income ratio on post-foreclosure borrowers than on borrowers who have not had a foreclosure, in an effort to keep your mortgage payments low, keep you from overextending yourself and boost the chances you'll be a successful homeowner over the long-term this time around.  The bank will also need to see 2 years of continuous employment history in the same field, and documentation that you meet other loan qualification requirements.

 
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