When can you buy after a foreclosure?
Posted by: kateg 4 years, 11 months ago
As the market improves, many buyers who previously had either a short sale, deed-in-lieu of foreclosure (DIL), or foreclosure are beginning to re-consider buying. There are some key timelines that they need to know, which are outlined below.
For the FHA Program, Buyers need to be 3 years removed from the short sale, DIL, or foreclosure. For VA, Buyers only need to be 2 years removed.
If a Buyer is looking to get a Fannie Mae or Freddie Mac loan, they need to be 3 years removed from a short sale or DIL, and 7 years removed from a foreclosure.
The key question that all buyers need to consider is whether it's the best financial decision for them to buy. Despite the improving market, it's important to remember that when you try to sell the house you're buying, there will be costs associated with the sale. Therefore, it's generally best to rent, if you plan on living somewhere for less than 4 years. If you plan to be somewhere 4-5 years (or more), buying may be the best option from a financial perspective.
It's also important to remember that if your housing needs are either changing now, or expected to change in the near future, you need to consider that when making your purchasing decisions.
For more information, read the link below, or call Kate at (619) 435-0145!
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