Can you be a Homeowner Again?
A foreclosure can impact your credit for as long as seven years; however, it does not mean that you'll never be a homeowner again. It may take a few years to qualify for a mortgage, but it can be done with some effort and planning.
If you decide to pursue homeownership again, remember:
Your mortgage lender will be paying close attention to your credit, looking carefully to determine how great a risk you are. The better your credit score, the better your chances of getting approved for a loan. Learn more about the importance of good credit and how you can rebuild your credit after a foreclosure.
You'll likely need a significant down payment to demonstrate that you're invested in taking some risk. The more you are able to save and contribute toward a down payment, the better.
If you'd like to own a home again, start your preparation today. Stay positive and stay focused, and don't give up.
Tools and Resources
Get Smart About Credit
Take our online, interactive training courses – now available in Spanish – to learn about credit, money management, and responsible homeownership.