Second Chances: Can I Get a Mortgage after a Foreclosure?

A couple years ago, things got a pretty tough and you ended up foreclosing on your home. You weren’t the only one. So, does that mean home ownership isn’t an option for you anymore? Not quite. It’s going to take time and work, but you absolutely can own a home again one day.

Here's what you can do


There’s no way around this one. You’re going to have to wait at least a couple of years after your foreclosure before you can buy another home. How long? That depends on the type of loan you want.

  • FHA Loan: usually three years
  • VA Loan: usually two years
  • Conventional Loan: usually seven years

Build Credit:

Your credit took a huge hit when you foreclosed on your home. The foreclosure will stay on the report for seven years, but if you’re paying all of your other debts on time, your score can start to improve within two years. So make sure you know what your credit score is and do everything you can to improve it.

Get Pre-Approval:

Most homebuyers are going to get pre-approved before they contact a real estate agent. But it’s going to be even more important if you’ve had a foreclosure. Once you’re pre-approved your real estate agent--and you--can be more confident that you’re able to get a mortgage.

Make a plan:

No one wants to see you foreclose on a second home. Make sure you have a solid plan for how you’ll manage your expenses and what you’ll do in case of an emergency (like getting laid off).

So, start your plan. Start your savings, And start working on your credit.