Q:

Can you get a mortgage after a foreclosure?

A:

Quick Answer

It is possible to get a mortgage after a foreclosure, according to Nolo. The amount of time between foreclosure and a new mortgage application varies based on the individual's financial situation and the mortgage lender.

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Full Answer

The fastest way to apply for a new mortgage after a foreclosure is through the Federal Housing Administration. Individuals can apply for a FHA mortgage loan three years after a foreclosure, and possibly sooner if they can demonstrate that the foreclosure was due to extenuating circumstances, such as the death of family member or loss of employment. Fannie Mae and Freddie Mac, two Congress-chartered companies that specialize in buying mortgages to help stabilize the housing markets, as stated on the Federal Housing Finance Agency website, typically have a seven-year waiting period after a foreclosure, according to Nolo.

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