How long after foreclosure can you buy a house?

Answer 1

A realtor told me people buy a house a year after a foreclosure. A friend told me that you had to have 70% down in the past. Which is true?
Yes. A foreclosure will remain on your credit for 7 years, making obtaining a new home very difficult for that time period. However, both FHA and some banks and credit unions offer home loans to people with foreclosures under certain terms. And example might be that after 3 years, they will give you a home loan if you have maintained good credit and have a down payment. FHA loans (government) will be very important for folks in that situation. A large number of otherwise creditworthy people have lost homes, and economics have shown in the past that someone will step in to fill the void in credit to these people. Under the right situation (reasonable home prices and healthy loans) many of these people actually represent a low risk.

Answer 2

3 years

Answer 3

7 years