Can I buy a house after I have had a foreclosure? How soon and what do I need to do?
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First question is when did you foreclose? How bad did it hurt your FICO scores? If not too bad meaning you are on the credit scale for most lenders than you do have a fighting chance. Yet you will be asked to put down some serious money and take a bad double digit interest rate. If you can still swallow all this and keep going than do homeownership is great. Your best bet is to call a mortgage broker in your area and explain the situation to him/her they will usually know the best road for you to take. Good luck!
You will probably have to wait at least 3-5 years to be able to go to a bank or a loan officer to get a mortgage. You will have to build up credit and start paying on time so you can improve your credit score. Your scores are going to be very low with that foreclosure. I've seen people be able to buy a home after a foreclosure but it took them 3 years and they had to put down 20-30% of their own cash because the banks didn't trust them. I would also suggest you take some money management classes that will help you start learning how to save up money so you won't get in the bind again.
If you absolutely cannot wait for 3-5 years, you should start with finding a home where you can do a lease purchase. Lease to own would help you get back on track but you will have to pay a down payment and a larger monthly rent than most.
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