How long do you have to wait before buying a home after foreclosure?


Quick Answer

The delay between foreclosure and buying another home depends on whether homeowners apply for conventional, Veterans Affairs or Federal Housing Association loans, according to Realtor.com. Wait periods vary between lenders and are partly based on credit worthiness, and they typically range from one to seven years.

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Full Answer

Conventional loans often require a seven-year waiting period, while VA loans have a two-year wait for service members, says Realtor.com. The FHA offers loans as soon as one year after foreclosure if homeowners can prove that a catastrophic event led to a 20 percent reduction in their income over six months. Wait periods begin only once the foreclosure process is completed, according to Bankrate.

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