The first thing a returning buyer needs to determine is the date of the foreclosure. This can be a bit confusing. The foreclosure process includes a notice of default, a notice of trustee sale, the actual trustee sale, and the move-out notice.
The foreclosure “clock” – the minimum wait time before making a new home purchase – begins counting from the date of the trustee sale for most loan programs. From there, we can evaluate how long the returning buyer must wait before obtaining financing.
[Read Our Guide About Minimum Credit Guidelines for Loan Qualification]
Here are general guidelines for how long a borrower must wait to obtain financing after a foreclosure:
FHA Back-to-Work Program
12 months
FHA
3 years (from sale date)
VA
3 years (from sale date)
USDA
3 years (from recorded date)
Conventional
3 years (as low as 3 years with extenuating circumstances)
7 years (without extenuating circumstances)
NOTE: The Warranty Deed is the instrument that transfers the title after foreclosure proceeding. The Warranty Deed has a sale date listed, which is the date that is generally used. The USDA loan uses the date that the Warranty Deed is actually recorded.
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Kick your feet up while we crunch the numbers. Pre-approval can be done very quickly if you provide a complete and accurate loan application and supporting documentation.
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