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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