If you’ve recently gone through a foreclosure, you may already be wondering how soon you’ll be able to buy another Santa Cruz home. You enjoy the pride of homeownership, and you want to buy as soon as possible so that you can take advantage of today’s lower prices.
Here are answers to two commonly asked questions about buying a home after foreclosure:
How soon can we buy a home after a foreclosure?
Fannie Mae and Freddie Mac impose the following waiting periods on conventional home loans, depending on the type of foreclosure you went through:
• Buying after a foreclosure: The waiting period is 5 to 7 years.
• Buying after a foreclosure with extenuating circumstances: The waiting period is 3 to 7 years.
• Buying after a deed-in-lieu of