It’s a common question, especially after the housing bubble burst in 2008, which left many homeowners underwater on their homes.
HOW LONG do I have to wait after a short sale or foreclosure to buy a home??
It can be UP to seven years from the time your foreclosure process ended for a conventional loan….
BUT! Don’t lose hope! There are other options!
FHA, Freddie, and Fannie Mac all offer programs that can help you buy a new home in as soon as two years after the fact. (Although there are some who can buy in as little as ONE YEAR, if you can believe it, with extenuating circumstances).
Now, not all lenders can do that- some just have to stick to the book-but some lenders have that flexibility. In doubt? Call a lender and find out if they might be able to help you in your situation!
Those with credits scores as low as 620 can qualify for home loans. I’ve even seen some qualify with 580 scores, but let’s just say it required jumping through a lot of hoops! With score programs through Utah Housing, it IS possible to buy a home even without stellar credit- but it DOES require higher interest rates.
If you’d like to know if buying a home is even an option (or maybe you want to know what steps you can take to make it an option), call a lender and see what they have to say. If you’re unsure of who to call, I can always recommend lenders that I trust to you! They can at least give you an idea of how far away- or close!- you are to being able to buy a new home.
As always, shoot me a text or give me a call if you have any questions!