Upcoming Foreclosures

What are the laws about buying a house after a foreclosure in California?

How long after a foreclosure can we purchase another home in California? Any info would be helpful! :) Thanks

Public Comments

1. there cannot be any laws about this as it is not a regulated thing. As soon as you have 50% cash for 1/2 of the price, most lenders will lend you the other half, so you can buy. or do a lease purchase immediately.
2. If you will need financing to make the purchase, you should probably call a few local lenders and pose that exact question. With the topsy-turvy world we're in today, I bet the criteria changes as we go through 2009. Obviously your history before the foreclosure and since will probably have a strong bearing. My gut reaction is that if the number of vacant houses due to foreclosures grow, we may see some very creative solutions to getting the properties sold. I hope the ideas are good ones, though. I don't want to see history repeat itself. I've got my fingers crossed. Good luck.
3. It's not so much laws as finding a lender who will take a risk on you. With a recent foreclosure in your history, your name is "Mud" as far as most lenders are concerned. If you had 50% down and the payments were 20% of your gross income you could probably get a mortgage at a passable rate but if you're looking to put down 20% and jump back in to the housing market you'll need to give it 2 or 3 years at least, and probably closer to 4 or 5 before any respectable lender is likely to consider you for a mortgage at anything close to an affordable rate.