Getting a mortgage after foreclosure takes three years, but from what date does that start?

Do the mortgage companies want to see three years from the sheriff sale date or from when the sixth month redemption period ends. I live in Michigan.Getting a mortgage after foreclosure takes three years, but from what date does that start?
The day the bank took ownership of the home.Getting a mortgage after foreclosure takes three years, but from what date does that start?
It really depends on whether you have recovered enough to make a decent and large sum downpayment.





If you are talking about normal mortgages wherein you have 20% or less downpayment, the date starts ticking when the foreclosure is finalized (account is closed out, house is sold). Your credit rating must also recover by making sure you make payments on time with your other credit instruments like credit cards, etc. For more information on foreclosures, I highly suggest reading a book (see reference material below).
AT LEAST THREE YEARS.


From foreclosure date.


But you will need Excellent Credit, Low Debt ratio, stable employment, adequate income, and sufficient down payment. Because of your past history, they want to be sure you have CHANGED your ways and are a better money manager than you were. There are NO more 100% mortgages, so you need 3.5-5% FHA, 10%conventional, Minimums, down payment. So the higher your down payment and the higher your credit rating, the better your chances of obtaining a mortgage after at least 3 years (often 5 yrs).


You can make plans for your future and make this happen!
It does depend on the lenders. There is lenders out their that will deal with you days after a foreclosure. They will require a larger down payment and a higher interest rate but it does give you that option to prove yourself once again.





Hope this helps





Good Luck in your Search
There is no 'firm time limit' as you seem to assume. Depending on the mortgage lender, the time frame can vary from ABOUT three years (on the low side) to five years or more. When you hear that can you buy a house in three years after a foreclosure, that's nothing but a guess.
I would be more than happy to help you obtain your mortgage.





I am a mortgage broker. Email me, and let's discuss your loan options!





MSmith@PrecisionFundingUSA.com





M





I am on line now!