How long after foreclosure can i get a conventional mortgage

Typically, after a foreclosure, you’ll need to wait about 7 years to qualify for a conventional mortgage, according to Fannie Mae and Freddie Mac guidelines.

However, this waiting period can be shorter if you meet certain conditions or can demonstrate extenuating circumstances. For example:

• 3 years if you had a foreclosure due to a financial hardship like a job loss or medical issues, and you can provide documentation.
• 4 years if you had a foreclosure but you’ve rebuilt your credit since then and are in a strong financial position.

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Difference between loan and mortgage

It’s also crucial to rebuild your credit score and demonstrate that you’re financially stable before applying for a new loan.