Q: I had my past home foreclosed six years ago. Now the foreclosure record no longer shows on my credit report. Can I get a new home loan?
A: Credit bureaus will remove the default record after seven years from the initial delinquency date, but lenders will require seven years from completion date of the foreclosure. So if you want to apply for a home loan now, you can apply for an FHA loan. After seven years from the foreclosure completion/settlement date, you can apply for conventional home loans.
Alicia Zhao is a mortgage consultant. Since 2002, she has successfully guided over 1,000 people toward home ownership through personal mortgage planning. She can be reached at AliciaZ@finetsaratoga.com