three years
FHA loan – You’ll have to wait three years to get a loan backed by the Federal Housing Administration (FHA), which begins when the foreclosure case ends, generally when the foreclosed home is sold.

How can I get a mortgage 2 years after foreclosure?

It is unlikely that you will get a mortgage loan within two years of a foreclosure, since the minimum seasoning, or wait period, is three years. Federal Housing Administration lenders might reduce the wait period to two years if you can show that the foreclosure was caused by a one-time, uncontrollable event.

Is there a waiting period to buy a house after foreclosure?

Every mortgage loan type requires a waiting period before buying a home after foreclosure. Conventional loans backed by Fannie Mae or Freddie Mac require the longest waiting period: “Seven years from completion,” according to Nick Wilson, a production partner at RPM Mortgage Inc. in Bellevue, WA.

How long does it take to get Fannie Mae loan after foreclosure?

There is a seven year mandatory waiting period after the sheriff’s sale date and/or the recorded date of a foreclosure. It needs to be reflected on public records to qualify for a conventional loan per Fannie Mae and Freddie Mac Guidelines. There is a four year waiting period to qualify for a conventional loan after a deed in lieu of foreclosure.

Are there exceptions to the 3 year foreclosure rule?

Exceptions to the 3 year foreclosure rule allows serious illness or death of a wage earner as long as there is re-established good credit. USDA Rural Development guidelines lump foreclosures, short sales, and pre-foreclosure sales into the same category. Therefore, the foreclosure waiting period along with the others is 3 years.

Is there a waiting period for a VA loan after foreclosure?

VA Loan Foreclosure Waiting Periods The waiting period after foreclosure is two years for a VA loan with proof of re-established credit. Similar to FHA loans, extenuating circumstances are allowed for reasons “beyond the control” of the borrower if properly documented.