It's hard not to know someone that was affected by the housing crisis. Many people lost their homes and their credit was affected by a foreclosure. As of today, there is a 3 year wait time to buy a home from the time the home was foreclosed on and taken back by the bank. If you are in this situation , it is best to manage your credit wisely with low credit card balances, on time payments and no collections.
For some, you may be able to take advantage of a program that can help you buy a home 12 months from the foreclosure date. The requirements are that the foreclosure was caused by a reduction or loss of income and can be documented. If you think you may fall into this category, reach out to us and we can point you in the right direction.
As always, my team and I are here to help.