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Understanding Foreclosure Recovery
Millions of Americans lost homes during the 2008 financial crisis and subsequent economic downturns, and the vast majority of those who wanted to buy again have done so successfully. The waiting periods after foreclosure are clearly defined: 3 years for FHA, 2 years for VA, and 7 years for conventional loans. During the waiting period, rebuilding your credit and financial stability positions you for the best possible terms when you are ready to buy again.
Millions have bought again after foreclosure
How NMHL Helps
Proven solutions for foreclosure recovery
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Success Stories
“NMHL made our first home purchase incredibly smooth. The team guided us through every step and found us a rate we couldn't believe.”
“After being denied by two other lenders, NMHL found a solution for my self-employed income. Bank statement loan closed in 25 days.”
“The VA loan process was seamless. Zero down payment and the best rate I found anywhere. Thank you NMHL!”
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Frequently Asked Questions
The waiting period depends on the loan type. FHA: 3 years from foreclosure completion. VA: 2 years. Conventional: 7 years. Non-QM: potentially sooner with compensating factors. These timelines start from when the foreclosure case was completed and the title transferred, not from when you missed your first payment.
Re-established credit means you have rebuilt a positive credit history since the foreclosure. This typically includes 12+ months of on-time payments on current obligations, reasonable credit utilization, and no new derogatory marks. Lenders want to see that the circumstances leading to foreclosure have been resolved.
Yes, provided you have re-established credit, can document the circumstances that led to the foreclosure (such as job loss or medical emergency), and meet standard FHA qualification criteria including a 580+ credit score and 3.5% down payment. NMHL specializes in helping post-foreclosure borrowers through this process.
Yes. A short sale or deed-in-lieu of foreclosure may have shorter waiting periods than a standard foreclosure. FHA requires a 3-year wait for short sales. Conventional loans may allow qualification after 4 years for a short sale versus 7 years for a foreclosure. The specifics depend on the loan program and circumstances.
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