If you lost your home due to a foreclosure or short sale, you probably would like to own a home once again. The good news is that a number of guidelines have changed which may allow you an opportunity to buy a new home sooner than you think.
The traditional waiting period after a foreclosure is seven years. However; these waiting period guidelines may change and you would be best served to get up to date information from a qualified mortgage professional. Many lenders will shorten the waiting period some if there were extenuating circumstances surrounding the foreclosure of your home. Was there a death or illness that prevented you from earning enough money to meet your mortgage obligations? Did you loose your job or incur a substantial pay cut for some reason? These and similar reasons might be enough for a lender to shorten your waiting period after a foreclosure.
Your credit is often re-established quicker after a short sale than a foreclosure. Generally lenders will require only a two-year waiting period before they will consider you for another mortgage. Once again; seek the advice of a licensed mortgage professional to obtain the latest information on their qualifying guidelines.
