Can I buy a Home if I went through Foreclosure?

What an amazing Question!

ABQOLUTELY Yes!

Did you know that FHA requires only 3 years since a foreclosure was fully discharged before they will consider a new home loan? That's right! Only 3 years!

Here's the deal though. This is not a blanket guarantee that someone who faced foreclosure 3 years ago will qualify. There needs to be evidence of improved credit since the foreclosure.

The main problem I see with many clients who face this situation is that they haven't done anything to remedy or repair their credit since. In fact, many of the clients I've counseled have numerous other collection accounts, judgements, or late payments since the foreclosure occurred.

If this describes your personal situation, but you want to buy a new home, perhaps it is time to sit down with someone who can counsel you in cleaning up your credit as well as teaching you how to keep it clean for the future.

As we've already seen, damaged credit can cost thousands of dollars in unnecessary interest or insurance premiums over time on future purchases.

Feel free to visit the Credit Repair link on the right side of my blog here for an affordable credit repair service.