Your credit score will take a major hit after a foreclosure, but there are guidelines to follow when you're ready to be a homeowner again. If credit is reestablished after the foreclosure, and depending on the type of loan you will use to buy your next home, it can take between 3 - 7 years to be accepted for a home loan. In the link below, you will find a chart which will outline the present standards set by FHA, Freddie Mac and Fannie Mae for the wait time on these loan types for those who have gone through Foreclosure, a Short Sale, or Bankruptcy. With discipline and perseverance, you can again be in a position to obtain a home loan. The next link below will give you a 5 step guideline on how to reestablish your credit and become a homeowner again.
(New!)When is Foreclosure Removed from Your Credit Report?
Use this handy guide to figure out how quickly you can buy a home after a major financial setback when applying for a loan through FHA, Fannie Mae, or Freddie Mac. Read5 Steps to Owning a Home Again After Foreclosure
Foreclosure is just a one-time event—with discipline and perseverance, you can get a mortgage and become a homeowner again. Read
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