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Mortgage  Question?
Qualify for mortgage if foreclosure not on credit?

I had a foreclosure within the past seven years that no longer appears on my credit report. Can I apply for a conventional mortgage now or do I have to wait the full seven years from the date of my foreclosure?

Michael Jensen, Mortgage and Finance Guru
, Mortgage and Finance Guru

When you apply for a mortgage and submit your loan application you are required to indicate if you have experienced a foreclosure in the past seven years (see item c in section VIII on the top right of page four of this example mortgage application). So even though the foreclosure does not appear on your credit report, if you filled out a mortgage application today you would disclose the foreclosure to the lender.

As you indicated in your question, the waiting period following a foreclosure for a conventional mortgage is typically seven years. Please note that if you experienced an extenuating circumstance such as a job loss, serious medical illness or divorce that contributed to the foreclosure then the waiting period is typically shorter -- only three years for a conventional mortgage. We provide a detailed overview of the mortgage waiting periods following significant credit events such as foreclosure on FREEandCLEAR. Also, it seems like you are focused on a conventional mortgage but the waiting periods for an FHA or VA mortgage are typically much shorter than for a conventional mortgage (which is also outlined on our page about mortgage waiting periods).

In reality, you are in somewhat of a gray area given the length of time since your foreclosure. Our recommendation is that you review the resources outlined above and use the INTEREST RATES feature on FREEandCLEAR contact three-to-four lenders to discuss your unique situation.

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About the author

Michael Jensen, Mortgage and Finance Guru

Michael is the co-founder of FREEandCLEAR. Michael possesses extensive knowledge about mortgages and finance and has been writing about mortgages for nearly a decade. His work has been featured in leading national and industry publications. More about Michael

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