After a foreclosure, when can I buy a new home?

In general, you’ll need to wait seven years after a foreclosure or short sale to get a conventional mortgage, three years to get a Federal Housing Administration or U.S. Department of Agriculture loan and two years to get a loan backed by the U.S. Department of Veterans Affairs.

According to the Fair Credit Reporting Act, foreclosures can appear on your credit file for a maximum of seven years. If the credit bureaus do not remove the foreclosure notation from your credit report automatically after this time frame, you can notify them of the obsolete entry and request its removal.