How long do I have to wait to purchase after foreclosure?

[amack9482]

What is the name of your state?What is the name of your state? New York.
How long do I have to wait to purchase a new home after a FHA foreclosure? I was told that it was 1 year after the sale date of the home. If this is true, where would I find reasonable lenders for a mortgage, and what am I facing as far as terms? By the way, all of our outstanding debt has been cleared up, with the exception of the house itself, which was sold at a loss to the bank. Unbelievably, our credit score has improved substantially since the foreclosure.

 

[HUD-1]

To get another FHA loan, there is going to be a three year wait from the date FHA/HUD paid the claim to the lender. There are of course other types of loans available, but make sure you know what you are getting into and at what cost. You will have to determine if the terms offered are "reasonable".

 

[MortgageGuru]

The amount of time after foreclosure will depend on your credit scores and how much you are putting down on the property. For that loan you will want to contact a mortgage broker to place the loan for you.