A very common question I get is “How soon after my foreclosure can I buy another home?” There are a couple of answers to this question and they depend on how soon and how badly you need a home.
The first option to getting a new home is to simply pick one and buy it with conventional financing. The lender who will be looking at your credit will be very reluctant to finance another home for you. However, with a large enough down payment (20% minimum) and your willingness to pay a higher interest rate, you could have a new home in 45 days. [Read more...]