If you went through a foreclosure, new home financing rules states that you will have to wait five years and have a strong credit score before you will be able to get financing in the future. According to the new federal guidelines from the Federal National Mortgage Association and the Federal Home Mortgage Corporation (Freddie Mac & Mannie Mae), you’d have to have a FICO credit score of 680+ and a 10%+ downpayment before you could get financing. Favorable rates won’t even be available until you have a score of 720+.
Source: Foreclosure restricts future home financing [Bradenton Herald]
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