There are certain instances in which buying a home may become more complicated, and buying a home after you have had a foreclosure on your credit report is one of them.
Although a lot of lenders see a foreclosures as a significantly negative credit event, there are ways to minimize the effect it has on credit, as well as your ability to buy a home in the future.
1. Common Waiting Periods
It depends on the lending institution, but most lenders set some limits on the length of time that buyers must wait after a foreclosure in order to apply for mortgage financing. The standard waiting period for most conventional loans is seven years, calculated from the time that the foreclosure was completed. That date may fall months or even a year after…