Credit Recovery after Short Sale or Foreclosure:
Position Yourself to Purchase a Home Within 2 Years After a Foreclosure Using This Strategy: Generally, buyers who have past credit issues due to a financial crisis may be able to buy a home within three years from the incident. This varies by loan type and lender. Most lenders have their own underwriting guidelines on what they will accept and when. 620-640 FICO is the starting point for government insured loans. So for anyone going down this path, consider the recovery time to get your credit back into lending territory and note the recovery steps at the bottom of this post. Put them on your refrigerator! Given the sheer number of people in financial distress right now, consider that loan guidelines may change in the coming years. For more distressed borrower information, visit our other blog: www.equitytalks.blogspot.com How soon can you buy a home again? If you default on your home loan now, the clock starts ticking when the home is transferred to a new lender. NOT unfortuna