Unfortunately, foreclosures and short sales do happen. I’m here to give you some facts and tips on what you can expect before purchasing another property.
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Unfortunately, foreclosures and short sales do happen. So, today I am answering the question, “How long do I have to wait before I can purchase another property?”
In most situations, if you had a foreclosure and you want to get a conventional loan, you’re looking at a four-year waiting period before you can purchase another property. An FHA loan has about a three-year waiting period, and a VA loan usually has a one-year waiting period.
While you are waiting to be able to purchase again, you need to make sure you keep your credit impeccable. Do not be late on any payments, and do not close credit cards.
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Do not be late on any payment, and do not close credit cards.
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Your credit cards should remain open, but make sure to never let your balance run over 30% of your credit limit. So, if you have a $9,000 credit limit, you don’t want to spend any more than $3,000, as going over that could drop your credit score.
If you have any other questions about this topic or any other real estate-related questions, please feel free to reach out to me with a phone call or a quick email. I would be happy to help you.
