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Buying a Home After Foreclosure: Wait Time Varies | realtor.com – Every mortgage loan type requires a waiting period before buying a home after foreclosure. Conventional loans backed by Fannie Mae or Freddie Mac require the longest waiting period: "Seven years.
Mortgagee Letter 2013-26 Date: August 15, 2013 To: All FHA. – HUD 4155.1, Mortgage Credit Analysis for Mortgage Insurance Add Chapter 6 section G, “Back to Work -Extenuating Circumstances,” and the guidance in this ML in its entirety to this new section. Add to section 4.C.2.f, Previous Mortgage Foreclosure, an Economic Event.
You may be able to buy sooner after a short sale than a foreclosure. How long after a short sale do I have to wait to buy a home? Short sale waiting periods depend upon the type of loan you seek.
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When Can I Get a Mortgage After Foreclosure? | Nolo – Qualifying for a Fannie mae/freddie mac loan After Foreclosure. Prior to June 20, 2010, the waiting period for a new loan following a foreclosure was five years. Now, to qualify for a Fannie Mae or Freddie Mac loan, you must usually wait at least seven years after the foreclosure.
For a traditional lender and a conventional loan, you’ll need to wait seven years after a foreclosure. That removes the foreclosure from your credit report, and allows you to get another conventional home loan. If you apply sooner than seven years, even with a great credit score, you’ll most likely be denied.