If you are looking to purchase a home after a foreclosure make sure you do and or have the following:
FHA- 3 Year wait period
VA- 2 Year wait period
Conventional – 5 Year wait period
Verification of rent paid on time for 12 months (must be able to provide cancelled checks to show paid on time cannot be cash)
Cannot have any lates on the credit report since the Foreclosure date
You must have re-established credit (Accounts opened after the foreclosure date (actual deed of trust recording date)
Re – established credit is opened trade lines on your credit report for at least 12 months with no lates. Should have 3 trade lines after foreclosure.