How long after foreclosure can I get an FHA loan?

The standard FHA waiting period after foreclosure is 3 years from the foreclosure completion date. With documented extenuating circumstances (job loss, medical emergency, death of co-borrower), FHA may approve a loan after just 1 year. You must also have re-established good credit and a minimum 580 credit score (or 500 with 10% down).

How long after foreclosure can I get a conventional mortgage?

The standard conventional (Fannie Mae/Freddie Mac) waiting period after foreclosure is 7 years from the foreclosure completion date. With documented extenuating circumstances, this can be reduced to 3 years with additional requirements (10% down payment, no late payments since foreclosure). This is the longest waiting period of all major loan programs.

How much does a foreclosure drop your credit score?

A foreclosure typically drops credit scores by 100 to 160 points, depending on your starting score. Someone with a 780 score may drop to 620; someone at 680 may drop to 530. The foreclosure remains on your credit report for 7 years but loses impact over time as positive payment history accumulates.

What are extenuating circumstances for a mortgage after foreclosure?

Extenuating circumstances are events beyond your control that caused the foreclosure: job loss (with termination letter and re-employment documentation), serious medical emergency (with bills and medical records), death of a co-borrower (with death certificate), or divorce (with divorce decree showing the ex-spouse was responsible). Documentation is required and must show the circumstance has been resolved.

Can I get a VA loan after foreclosure?

Yes. The VA waiting period after foreclosure is 2 years from the foreclosure completion date — shorter than FHA and significantly shorter than conventional. Veterans with extenuating circumstances may qualify sooner. A 620 credit score is typically required by most VA lenders, and your VA entitlement may be reduced if the foreclosed loan was a VA loan.

Mortgage After Foreclosure Calculator

Find out when you can buy a home again after foreclosure. Calculate waiting periods for FHA, VA, USDA, and conventional loans with your specific foreclosure date and circumstances.

Foreclosure Year

Foreclosure Month

Current Credit Score

Circumstances

Earliest Eligible Program

Eligible Now

VA loan — waiting period complete

FHA (3yr / 1yr extenuating)

Eligible

VA (2yr / 1yr extenuating)

Eligible

USDA (3yr)

Eligible

Conventional (7yr / 3yr extenuating)

June 2028

Advanced

Advanced Calculator

Program timeline, credit score recovery trajectory, extenuating circumstances guidance

Your eligibility timeline from foreclosure date of June 2021 across all mortgage programs.

Program	Standard Wait	Extenuating Wait	Eligible Date	Months Left	Min Credit	Status
FHA	3 years	1 year	June 2024	Done	580 ✓	Eligible
VA	2 years	1 year	June 2023	Done	620 ✓	Eligible
USDA	3 years	3 years	June 2024	Done	640 ✓	Eligible
Conventional (Fannie/Freddie)	7 years	3 years	June 2028	25 mos	620 ✓	Waiting

Note: Waiting periods run from the foreclosure completion date (sheriff sale or deed transfer), not the date you stopped paying. Some lenders may have overlays (stricter requirements) beyond agency minimums.

Pro

Professional Simulator

Manual underwriting pathway, rate premium cost analysis, credit rebuilding strategy timeline

FHA allows manual underwriting during the waiting period for borrowers with compensating factors. This bypasses automated systems that auto-deny foreclosure history.

Manual Underwriting

May Qualify

FHA only — with compensating factors

Your Credit Score

640

Meets FHA manual minimum

LTV Ratio

80.0%

10%+ down = strong factor

Residual Income

Required

FHA manual UW requires verified residual income

Compensating Factor	Required?	Description
12 months on-time housing payments	Strong	No late pays on rent/mortgage in past year
3 months PITI in reserves	Strong	Liquid savings after closing
Minimal payment increase (<5%)	Helpful	New payment vs. current housing cost
Low DTI ratio (<31% front / <43% back)	Required	Stricter limits than automated underwriting
Non-traditional credit history	Helpful	Utility payments, rent ledger, insurance history

Manual underwriting tip: Work with an FHA-approved lender who does manual underwriting in-house (not all do). You will need a detailed letter of explanation and strong compensating factors. A HUD-approved housing counselor can help prepare your file.

How to Use This Calculator

Enter your Foreclosure Year and Month — use the date the foreclosure was finalized (sheriff sale, trustee sale, or deed transfer), not the date you stopped paying. Enter your Current Credit Score and select any Extenuating Circumstances if applicable. The calculator shows your eligibility dates for all four major loan programs and whether you qualify today.

Use the Advanced section to see a visual timeline for all programs, the credit score recovery trajectory, and documentation requirements for extenuating circumstances. The Pro section covers manual underwriting pathways, the lifetime cost of post-foreclosure rate premiums, and a credit rebuilding strategy.

Waiting Period Table

FHA: 3 years from foreclosure date (1 year with documented extenuating circumstances)
VA: 2 years from foreclosure date (shorter possible with extenuating)
USDA: 3 years from foreclosure date
Conventional (Fannie/Freddie): 7 years (3 years with extenuating + 10% down)

Eligibility Date = Foreclosure Completion Date + Waiting Period
Months Remaining = max(0, ceil((EligibilityDate - Today) / 30.44))

Waiting periods run from the completion of foreclosure — when the court confirms the sale or the lender records the deed. In judicial foreclosure states, this can be months after the auction. Check your local records for the exact date.

Example: Rebuilding After a 2021 Foreclosure

Marcus — Job Loss, Foreclosure, Rebuild

Marcus lost his job in mid-2020 and his home foreclosed in June 2021. He documents his extenuating circumstances and rebuilds his credit. Here is his timeline:

Foreclosure Date	June 2021
Credit Score at Foreclosure	~520 (dropped from 680)
FHA Eligible (standard)	June 2024
FHA Eligible (extenuating)	June 2022 — already passed
VA Eligible	June 2023 — already passed
Conventional Eligible	June 2028
Credit Score by 2024	~640 (rebuilt through secured cards, auto loan)
Target Home Price	$280,000 with 3.5% FHA down ($9,800)

Marcus qualifies for an FHA loan in 2024 with his documented job loss. His rate will be approximately 0.75% above prime, but after 2 years of on-time mortgage payments, he can refinance to lower that premium as his credit improves past 700.

Frequently Asked Questions

The waiting period starts from the date the foreclosure was completed — typically when the court confirms the sale (judicial foreclosure states) or when the trustee records the deed (non-judicial states). This is NOT the date you stopped making payments, received the notice of default, or vacated the property. Check your county recorder's office or the court case records for the exact completion date.

The minimum credit scores vary by program: FHA requires 580 for 3.5% down (500 for 10% down); VA lenders typically require 620 though there is no official VA minimum; USDA requires 640 for automated approval; Conventional requires 620 minimum. Most lenders add "overlays" (stricter requirements) of 620–640 minimum for post-foreclosure borrowers. A higher score (680+) will get you better rates and more lender options.

Standard agency loan programs (FHA, VA, USDA, Fannie/Freddie) require you to wait. However, portfolio lenders — banks and credit unions that keep loans on their own books rather than selling to Fannie/Freddie — may approve earlier with compensating factors like large down payments (20%+), high income, and significant reserves. Expect higher interest rates and fees for these non-conventional options.

Post-foreclosure borrowers typically pay 0.5%–2.0% above market rates, depending on credit score, down payment, and lender. On a $300,000 loan, a 1% rate premium costs approximately $195/month extra or $70,200 over 30 years. The strategy is to buy when eligible, make every payment on time, rebuild credit above 720, and refinance to the market rate after 2–3 years of clean payment history.

For job loss: termination letter, unemployment records, and proof of re-employment at comparable or higher income. For medical emergency: medical records, hospital bills, and a doctor's letter explaining the severity. For death of co-borrower: death certificate showing loss of income and its direct link to the default. All must include a detailed letter of explanation showing the circumstances were truly beyond your control and have been fully resolved.

Mortgage After Foreclosure Calculator

How to Use This Calculator

Waiting Period Table

Example: Rebuilding After a 2021 Foreclosure

Marcus — Job Loss, Foreclosure, Rebuild

Frequently Asked Questions

Related Calculators

Sources & References