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Ask the Experts

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Q:
How much time does it take to get a new home after foreclosure?

If I had a foreclosure on a house, how long does it take for me to be able to acquire a new home? It has been one year since my house was foreclosed on. What is the average waiting period and how much will the mortgage company be willing to finance me for? -Pete

Pete,

The foreclosure will remain on your credit report for up to seven years. Since it has only been one year since the foreclosure, your ability to get a loan at a reasonable interest rate will be affected for quite some time.

In the meantime, keep paying your bills on time and as agreed. As the foreclosure ages and you continue to use credit wisely, your chances of obtaining a loan will improve.

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