A past foreclosure is only facet, and typically a buyer fixates on only one point. That is not how lenders review the loan application; it is underwritten in its entirety. One goal should be to far exceed the other minimum thresholds so when the time period has elapsed you have other reasons for the underwriter to approve the loan. Good luck,

Bob great answer you nailed it!! My suggestion for you to get another home after a foreclosure is to contact an agent like me. I have investors who will buy a foreclosed home in your desired area, rehab the home (with some input from you as what you want in it) and execute a lease option or land contract with you. You can lease the home of your choice while you rebuild your credit and pass the 4-7 year wait to get a mortgage.
If you would like more informtion please contact me at (734)444-5323 cell or email me at jhastings@visionrealtycenters.com

Here it is straight from the lending industry standards. Want another way back in? We have it.

Ramifications of Foreclosure, Short Sale or Deed-in-lieu-of Foreclosure

Here are some of the ramifications of foreclosure, short sale or deed-in-lieu-of-foreclosure, there are many more like; insurance rates, your job (yes employers are checking credit records these days).

Your credit score will be reduced by 200-400 points, short sale and deed-in-lieu-of a little less 100-200 points.

All forms of foreclosure stay on your credit report for 10 years.

After you have gone through foreclosure, short sale or deed-in-lieu-of-foreclosure there will be what is known as the "waiting period", this period of time varies for each and can be reduced if you had some type of extenuating circumstances that caused the foreclosure:
Waiting Periods to Buy After Foreclosure – “YES” Short Sale and Deed-in-lieu-of are forms of foreclosure
• Buying after a Walk Away Foreclosure
The waiting period is 7 years
• Buying after a Foreclosure
The waiting period is 5 years with 20% deposit up to 7 years.
• Buying after a Foreclosure with Extenuating Circumstances
The waiting period is 3 years with 10% deposit up to 7 years.
• Buying after a Deed-in-Lieu-of Foreclosure
The waiting period is 2 years with 20% deposit, 4 years with 10% deposit up to 7 years.
• Buying after a Deed-in-Lieu-of Foreclosure with Extenuating Circumstances
The waiting period is 2 years with 10% deposit.
• Buying after a Short Sale
The waiting period is 2 years with 20% deposit, 4 years with 10% deposit up to 7 years.
• Buying after a Short Sale with Extenuating Circumstances
The waiting period is 2 years with 10% deposit.

In addition to the waiting period and minimum down payment, you will be required to have a minimum FICO score and the home purchase must also be the principal place of residence, not a rental nor a vacation home.

Bob Patrick
Buy a home after foreclosure, short sale, deed-in-lieu-of or bankruptcy expert
Movin-On LLC
Helping families/people that have lost their homes get back into another in as little as 6 months

Much will depend on the circumstances that led you to foreclosure, your current income, credit, debt, etc;, generally it can take two to seven years; therefore visit with any loan officer(s) for accurate answers as they apply to your situation...

Three years after a foreclosure unless there are extenuating circumstances for an FHA loan and 7 years for a conventional loan.

I hope this helps.

Karen Paytas, GRI, CMS
Realtor
Real Living Kee Realty
586-709-8465
kpaytas@mirealsource.com