How Long After Foreclosure Can I Purchase a Home

Contrary to what some might think, having gone through a foreclosure does not mean you will never be able to buy a house again. How soon you can acquire a new mortgage and how you will have to handle the financial aspects after this kind of major hit to your credit is in many ways up to you.

A major question plaguing many who have suffered through a foreclosure is, How long after foreclosure can I purchase a home? The answer to this question varies according to individual circumstances. Some elements that will influence the overall timeline include:

- Was your foreclosure due to extenuating circumstances? This can include the death of someone upon whom your finances depended, or a serious illness or disability. If these circumstances have been clearly and thoroughly documented, it could reduce the time you must wait until purchasing a new home.

- How much damage has been done to your credit score? For example, did credit card payments, car loans or other debts lapse during the time of the foreclosure? If your credit has taken a serious hit, it could take some time to build up a situation where you can once again apply for a mortgage.

- How dedicated are you to repairing your credit? Credit repair can begin immediately. You can even be working on repairing your credit while the foreclosure is going on. Your dedication to bringing your credit back under control will help a great deal in the long run.

- Do you have other sources of income for a down payment? If you are able to find another way to finance a larger down payment for your next home, you will be more likely to be able to purchase a home while your credit is still under repair.

The long-term effect of a foreclosure, then, is largely dependent on your motivation and willingness to work toward the goal of buying another home. The answer to the question, How long after foreclosure can I purchase a new home? is tied directly to your own goals and hard work.