How long will it take after a foreclosure until I can qualify for a new mortgage?

Attorney answers (2)

1. Licensed in AZ

   

   Robert H Nagle

   Phoenix Foreclosure Attorney

   Contributor Level 10

   1

   Lawyer agrees

   Answered April 27, 2012 11:55. In general, you are looking at a 7 year period before you can obtain a new, conventional home loan. If you have the cash, you can buy a new home tomorrow. I recommend contacting a mortgage broker to discuss the different programs that are available.

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2. Licensed in AZ

   

   Douglas Edmunds

   Gilbert Foreclosure Attorney

   Contributor Level 12

   Answered May 01, 2012 13:34. I tell clients that you are looking at 5 to 7 years for conventional financing after a foreclosure. The rules are set by the lender ... if you can find one willing, you could get a loan tomorrow. The best advise has already been given ... contact a mortgage person you desire to work with and they can generally sit down and evaluate your situation and guide you in taking the steps to be prepared for that next mortgage.

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