Posted on: 26th Sep, 2007 09:17 am
I have just gone through foreclosure, how long before I could ever get another loan tp purchase a home
Most likely 2 to 7 years (more likely 7)
With the mortgage woes the country is facing and the increases in bankruptcy and foreclosure Eugene is likely right- most lenders won't even consider lending money unless the foreclosure is 2 years old and then your going to need really good credit after the foreclosure.
And as a general rule of thumb... Any lender that would do a loan 1 day out of bankruptcy or foreclosure.... You should stay away from anyway far far away.
Hi Jmswani,
To qualify for a new loan after foreclosure, lenders generally focus on the last three years of your credit history. So it is better to wait for at least 2-3 years after the foreclosure. And then you can purchase a new property.
To qualify for a new loan after foreclosure, lenders generally focus on the last three years of your credit history. So it is better to wait for at least 2-3 years after the foreclosure. And then you can purchase a new property.
Welcome Jmswani,
I shall agree with all here. It's difficult to get a loan just after you've been through a foreclosure. Even after 1-2 years you may get loan but at very high rate of interest. So, it's better to wait before you can actually start looking for another loan.
Thanks.
I shall agree with all here. It's difficult to get a loan just after you've been through a foreclosure. Even after 1-2 years you may get loan but at very high rate of interest. So, it's better to wait before you can actually start looking for another loan.
Thanks.