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How long do foreclosed homeowners have to wait to buy again?

By
Real Estate Agent with America's Real Estate Advocates

One of the biggest questions that I receive when talking to homeowners is "if my home is foreclosed on, how long do I have to wait before I can buy again?"  The answer is.....

According to Fannie Mae Guidelines it is 5 years from the date the foreclosure sale was completed.  There are of course additional requirements that apply after 5 years and up to 7 years following the sale completion date which are:

- the purchase of a principal residence is permitted with a minimum 10% down payment and minimum fico score of 680.

- Purchase of a second home or investment property is not permitted

- Limited cash-out refinances are permitted for all occupany types pursuant to elligibility.

 

Can a homeowner get a shorter time period to wait if they had "extenuating circumstances"?  YES 3 years from the date of foreclosure sale completion! 

 

If you are facing foreclosure talk to a foreclosure professional, it is always best to consult with an experienced realtor, attorney and cpa for all your foreclosure questions.

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Elite Home Sales Team
Elite Home Sales Team OC - Corona del Mar, CA
A Tenacious and Skilled Real Estate Team

That is now.  These will change as money is loosened the requirements will ease.  Or the banks will not have anyone to sell to.  With cash immediately.

Dec 15, 2009 04:31 PM