Can I buy a home after a foreclosure with a conventional loan?

Conventional loan guidelines require you to be 5 years out from your foreclosure before you'll qualify for a new loan.

chapter 7 bankruptcy needs 4 years for conventional and 3 years for FHA

Yes.. Conventional is going to be 4 to 5 years depending on the lender.. And FHA is only 3 years.. VA is 2 years. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Based on current guidelines, you are looking at a minimum of five years to get a new conventional loan following a foreclosure. If you could go FHA, it could be as little as three years, and with VA, as little as two years. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950

If you want a conventional loan after a foreclosure you will have to wait at least 3 years from the time the foreclosure was transferred out of your name.

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