We own a home in the Seattle area, want to purchase a home to retire to in about 2 years. Had a rental foreclosed on 2 1/2 yrs.

Currently the waiting period for anything other than a primary residence is 7 years. That may be different in 2 years, but to purchase a second home or investment property using conventional financing currently, you must wait 7 years.

There are some lenders that will look at your situation before the 7 years if it was a rental that was foreclosed on and the new home will be your primary residence.

Like others have stated, the typical waiting period is seven years. However, that could change in two years when you are ready to buy a home.

You might find an alternative, or portfolio lender that would make the loan prior to 7 years assuming you have a large downpayment and have re-established credit. Otherwise, you'll have to wait.

Hi Happy! There could be potential options for you. The reality is that, depending on the circumstances, they may or may not work for you. I would need to speak to you in more detail to try to figure that out. Let me know if you would like my help. Robert L. HansonGladewater National BankFirst Time Homebuyer SpecialistDirect: 240-752-7549 Cell: 301-651-7822Email: robertlh66@verizon.netNMLS# 695929http://www.loansfromrob.com/quote/If you like my answer, consider clicking on a "Thumbs Up"

If you are renting now in Glendale, wait 6 months so that your have 3 years since foreclosure,, and purchase a primary home tin your area, using FHA financing.In 2 years, sell that home at the appreciated value, and buy your retirement home, selling the Seattle rental, if necessary.

there are lenders out there who will do it with around a 30% down payment.

Your questions only leads to more questions.. If your asking about being able to purchase a new home as your primary residence after 2.5 years post foreclosure, then the answer is right now, probably not, but once you get past 3 years, then yes.. FHA allows for a purchase with 3.5% down after 3 years post foreclosure. If your intent is to keep your current home (Assuming it has a mortgage on it ) and purchase a 2nd home, then you would have to either wait 7 years post foreclosure, or use private money, which would be expensive.. .. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

can you sell the Seattle home ...and then use the proceeds to buy the new property with cash and avoid needing traditional loans ? or use part of your sales proceeds to give to new seller and then have the seller carry a private note for the balance ...jsut thinking out loud