How Soon Can We Buy a Home Again After a Foreclosure?
How Soon Can We Buy a Home Again After a Foreclosure?A reader asks: “Can we still get a loan to buy a home after giving the bank a deed-in-lieu of foreclosure? I’m confused on the wait time. I would like to take advantage of today’s market, but my bank said that I have to wait 3 years. And I have talked to different mortgage brokers, and one says this and one says that. Can you help us out? How soon can we buy a home again after a foreclosure?”Answer: Excellent timing on that question regarding the waiting period to buy a home after losing your existing home. Your timing is good because the waiting periods for conventional loans — the seasoning between the time the foreclosure was completed and when a buyer purchases another home — has changed. For that, we look to Fannie Mae. What is Fannie Mae? The entity that holds great pow
