Mortgage Blog

You got your questions, I have Answers -- How soon can I get a loan after foreclosure

February 3rd, 2011 8:05 PM by Eric Fang

Q: I heard that we can get loans 2 years after
foreclosure, is that true?

A: It's true according to the Fannie Mae's
announments,
the borrower's can do the mortgages
2 years after the short sale or pre-foreclosure(
Thanks for my friend, James Wang for the comments
and correction below).

But there are none lenders allow the loan
applictaions just after 2 years. I know
there is only one lender who allow the new
purchases loan 4 years after the shortsale.
Maybe there are more lenders will shorten the
waiting periods soon.

Posted in:General
Posted by Eric Fang on February 3rd, 2011 8:05 PM


Eric, the 2 year wait applies to only homeowners with short sale or pre-foreclosure sale. People whose homes are foreclosed still need to wait longer.
Posted by James Wang on February 3rd, 2011 10:34 PM


James, Thanks. You are right.
Posted by Eric Fang on February 3rd, 2011 10:46 PM


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