A foreclosure is not a life sentence no matter how it feels. There are some loan structures that allow for a two year wait time from the date the foreclosure was recorded in the county. (Please note this is the date that the foreclosure deed was actually recorded which can be different from the date on the credit report.)
The typical wait time however is three years from the recorded date for an FHA mortgage and four to five years from the recorded date for a Conventional mortgage.
Outside of these time frames, it is very important that you take the proper steps to thoroughly heal from your foreclosure wounds. Make sure your credit report is accurate and there isn't anything that needs to be repaired.
Practice making a new house payment whether it be through rent or a savings pattern. Build up your savings account. Work towards stability in your life so that when it is time to purchase again, you are truly ready.
The typical wait time however is three years from the recorded date for an FHA mortgage and four to five years from the recorded date for a Conventional mortgage.
Outside of these time frames, it is very important that you take the proper steps to thoroughly heal from your foreclosure wounds. Make sure your credit report is accurate and there isn't anything that needs to be repaired.
Practice making a new house payment whether it be through rent or a savings pattern. Build up your savings account. Work towards stability in your life so that when it is time to purchase again, you are truly ready.