Does anyone know how long after foreclosure can we buy again?
Question:
It will take 7 years before that foreclosure falls off your credit report. You might be able to buy before then but it will depend on your financial status and how much downpayment.
There is no statutory time frame that prevents you from owning a home after a foreclosure. Foreclosure in and of itself does not prevent you from owning a home. Bad credit does.
If you have some money saved up and you're paying ALL your bills on time, you might be able to find a seller who is willing to owner finance or allow you to lease option (lease purchase) their home. If not, you'll probably have to wait a year or longer before another lender will take you on as a risk.
If from this point on, for the next 2 years, you are able to keep a steady source of income, pay all/any utilities/credit cards/creditors on time every month, there is a good chance a lender will work with you. Lenders will review your credit from the time of foreclosure and on, not anything that happened before the foreclosure. If you are looking at buying a mobile home on leased land, then you would have to wait at least 5 years from the February. If you can do this, you will be fine. Rates may be higher, but just remember it's all about maintaining and improving your overall credit. Hope this helps :)
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