Foreclosures- RULES FOR PURCHASING AFTER Thursday, May 31st, 2012 at 6:51pm. Rick Delgado Foreclosures- 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. Read Full Post »
