After Foreclosure: How long before you can buy again?

By
Real Estate Agent with Keller Williams Realty Sunset
Many people that have had a foreclosure, face the issue of how long must they wait before purchasing another home. This article from CNN money provides some useful information for all of you that face this dilemma. According to the CNN article, it suggests that under most scenarios where there is a hardship such as a job loss or divorce it can be as much as 7 or 8 years before you can purchase a home again according to Jay Brinkmann, chief economist for the Mortgage Bankers Association. http://money.cnn.com/2010/05/28/real_estate/homebuying_after_foreclosure/index.htm In my opinion a short sale vs. walking away from a home and foreclosing is the best option.
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Anonymous
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Rainmaker
1,758,606
Roy Kelley
Retired Real Estate Broker, Maryland Blogger

Good post. Home buyers need to understand that if their credit is bad, it will be some time before they can purchase another property.

 Blooming for home buyers in Maryland.

June 03, 2010 06:31 PM
Rainer
154,608
Ted Tyndall
FL Homes for Sale-Palencia, World Golf Village,Nocatee,St. Augustine
Davidson Realty Inc.

Monique, good point. We have had buyers with bankruptcys and short sales that have bought inside of two years. Foreclosure is worse.

June 03, 2010 06:34 PM
Rainmaker
342,029
Rodney Mason
FHA 203K, USDA, VA, HomePath Renovation Specialist
Prospect Mortgage

For FHA loans, HUD currently has a 36 month waiting period from the foreclosure date.  Fannie Mae has varying terms of 5-7 years depending on the down payment.  Short sales and pre-foreclosures are less.

June 03, 2010 08:27 PM
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Rainer
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Monique Carrabba

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