Been in a Foreclosure? Here’s How Long You Have to Wait Before Getting a Home Loan Again

A foreclosure devastates the credit rating, and makes it difficult to get credit for a while, much less another mortgage. But, a foreclosure does not necessarily preclude you from obtaining another mortgage in the future. The key word here is "future", and what it means exactly depends on the lender and their policies for lending after a foreclosure. Following is a general guideline of how long you have to wait after foreclosure with different types of lenders:

  • An FHA loan has a minimum of three years you have to wait, post-foreclosure. The three years starts counting down from the date that the foreclosure proceeding closed. It may be possible to qualify before the three years are up if you can prove extenuating circumstances caused you to lose the home.
  • Fannie Mae/Freddie Mac has a waiting period of seven years after the foreclosure closed. This waiting period only applies to conventional loans that are sold to the agency or are FHA-insured.
  • Private lenders vary, and use their own discretion for how long you have to wait. It can be anywhere from two to eight years to get a loan. It may be possible to get a loan if you have a large down payment.

Are you in the Orange County area and looking to refinance your home? Contact Avis Lending today to talk about the refinance home mortgage options available.

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