Life After Foreclosure
How long will you have to wait in order to buy again? It is going to depend on whether you can show a true hardship or not versus someone who just walked way, a strategic default. Another part that is going to play a large part is how much you are willing to put down.
Fannie Mae recently released their new guidelines for distressed sales such as a short sale. The new guideline basically says the more you put down the sooner you can buy a home.
Whether or not you had a true hardship is going to be to the underwriter’s discretion and I would have to imagine you better have a lot of documentation to back up the fact that you didn’t just walk away such as a job loss, health issues, a huge decrease in income, etc.
There is no telling what the future of mortgages holds for us but make sure to pay all of your other bills on time, start saving money for a down payment, and look into getting your credit repaired if it needs it.