Buying a Home After a Foreclosure: how long is the waiting period?

Many people ask how long they have to wait after having a foreclosure until they can be approved for a home loan. I have some good news for many of you!

VA loan: 2 years

FHA loan: 3 years

USDA loan: 3 years

Conventional loan: 7 years

The “gotcha” is that the date starts when the home is sold. It is NOT the date you received notice of default nor when the foreclosure started. If the bank took one year to sell the house, then that would push out the waiting period by one year, going by “date of sale” or when the lender got the property off their books.

I hope this information helps some renters to realize they don’t have to wait seven long years to buy a home after their foreclosure. Three years is a lot better, and VA, FHA, and USDA are all good loan options with good interest rates.




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