Posted on: 22nd Mar, 2013 12:25 am
Hi there… I had to go through a foreclosure 3 years back. Will I be able to qualify for a mortgage now though the foreclosure shows in my credit report?
After a foreclosure, you need to wait for 3-4 years in order to qualify for a new loan. As 3 years have already passed, you may apply and qualify for a loan if you have improved your credit scores. Moreover, with time the negative impact of foreclosure on your credit report will reduce.
Yes, you can qualify for a mortgage, provided your credit scores are good and you meet other qualifications.
For a good credit score, you'll have be a financially disciplined person.
Since you had faced foreclosure, you should wait for at least 3 to 4 years to become eligible for taking out a new loan. As you've already passed 3 years, you can now apply for a new loan. Make sure you have good credit score to get loan approval easily.