A bankruptcy or foreclosure in your past does not permanently shut the door on buying a home. Most loan programs have a waiting period, after which you can qualify again.
Typical waiting periods
Waiting periods vary by program and by whether it was a bankruptcy, foreclosure, or short sale. They commonly range from about two to several years from the completion date, and can be shorter with documented extenuating circumstances.
How to rebuild in the meantime
- Make every payment on time to establish a clean recent history
- Keep credit card balances low
- Save for a down payment and reserves
- Avoid new derogatory marks or collections
Start the conversation early
Because the rules depend on dates and circumstances, the best move is to talk with a loan officer who can map out your timeline and what to do now to be ready.
Tell us your situation in confidence. We will give you a realistic timeline and a plan to get mortgage-ready.