How Long Do I Have to Wait After Foreclosure to Get a Mortgage
                     When Can You Apply for Mortgage 
After Foreclosure?
Wait Time for a Freddie 
Mac or Fannie Mae Loan
 Seven years after foreclosure with a 
3% down payment
 Three years for extenuating 
circumstances 
 If you qualify for the three-year 
waiting period, you’ll need a 10% 
down payment 
Wait Time for an FHA (Federal 
Housing Administration) Loan
 Three-year wait period, which begins 
when foreclosure ends 
 If it’s an FHA-insured loan, the 
waiting period starts when FHA paid 
the prior lender the claim 
 Accounts for extenuating 
circumstances don’t have a specific 
minimum timeframe 
Wait Time for a VA 
(Veteran Approved) Loan
 Two years after foreclosure and three 
years if the home is FHA-insured 
 Minimum credit score is 620 or above 
 Can sign up for home entitlement 
Wait Time for a USDA Loan 
 Three years after a foreclosure
 Requires credit score of 640 or 
above 
 Zero down payment program 
What Is Considered 
Extenuating Circumstances?
 Per Fannie Mae: nonrecurring events 
beyond borrower’s control 
 Includes job loss, divorce, death, and 
illness 
 Per FHA: serious illness, death, job 
loss, but not divorce [exception under 
certain circumstances]
Is there a way to avoid foreclosure?
Yes!
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