When Can I buy a home after my Foreclosure?
At times as individuals we deal with life changes which unfortunately lead us to financial trouble. With that come Foreclosures, which means your biggest assets for example, your Real Estate can be in jeopardy.
The biggest question we receive after one of our clients has gone into financial trouble is, when will I be eligible to buy another home?
The answer is, it depends. It depends on the type of loan that an individual chooses to use. When referring to homes for sale in Boise Idaho, conventional loan guide lines are seven years to buy another home after the foreclosure completion date. On a loan through FHA, it would take you three years from completion date. On loans through USDA Rural it takes three years from completion date. Finally on a VA loan it’s two years from completion date.
These figures are pretty common across the board. At the same time however, I recommend that you always consult with a Loan officer in your area. In regards to Idaho Real Estate and buying a home in Boise Idaho this information is quite accurate. However, for obtaining a loan to purchase Boise Idaho Real Estate, after you have gone through a foreclosure I recommend utilizing my Loan Officer who is with Academy Mortgage.
Ashton R.
