Think you're doomed after a home foreclosure? There may be some good news for you.
While you'll probably have to wait seven years to obtain a conventional mortgage, Freddie Mac, Fannie Mae, and the FHA say they only require a three-year waiting period post-foreclosure. Granted, this is dependent on the circumstances surrounding the foreclosure, but there may be some hope for you. Some requirements may include a large down-payment [20% or more], and you may be required to pay higher than market interest rates, but there's still the potential for homeownership in the near-er future than you may have expected. Lease-purchase options are another possibility if a foreclosure lies in your more recent past, but you still want to buy a home. A knowledgeable realtor will be able to talk to you about these options in more depth.
