If you’ve gone through a foreclosure in the past, you might think that buying a home again is impossible. But that’s not true. You can still qualify for a mortgage after a foreclosure, but it will take some time and effort.

Foreclosure is a serious negative mark on your credit report that can lower your score and make lenders wary of lending to you. However, it’s not a permanent stain. Foreclosure stays on your credit report for seven years, but its impact fades over time as you rebuild your credit and show responsible financial behavior.

Depending on the type of loan you want to get, you may have to wait for a certain period of time after a foreclosure before you can apply for a new mortgage. Here are some common waiting periods for different loan types:

• Conventional loans: You may have to wait seven years after a foreclosure to get a conventional loan backed by Fannie Mae or Freddie Mac. However, if you can prove that the foreclosure was caused by extenuating circumstances beyond your control, such as a medical emergency or death of a wage earner, you may be able to shorten the waiting period to three years with a 10% down payment.
• FHA loans: You may have to wait three years after a foreclosure to get an FHA loan, which is insured by the Federal Housing Administration. However, if you can prove that the foreclosure was caused by extenuating circumstances, you may be able to shorten the waiting period to one year with the FHA Back to Work program.
• VA loans: You may have to wait two years after a foreclosure to get a VA loan, which is guaranteed by the Department of Veterans Affairs. However, if you can prove that the foreclosure was caused by extenuating circumstances, you may be able to shorten the waiting period to one year with the VA Compromise Sale program.
• USDA loans: You may have to wait three years after a foreclosure to get a USDA loan, which is backed by the U.S. Department of Agriculture. However, if you can prove that the foreclosure was caused by extenuating circumstances, you may be able to shorten the waiting period to one year with the USDA Exceptional Circumstances program.

In addition to meeting the waiting period requirements, you will also need to meet other criteria to qualify for a mortgage after a foreclosure. These include:

• Credit score: You will need to have a minimum credit score that varies depending on the type of loan you want. For example, you may need at least 620 for a conventional loan, 580 for an FHA loan, or 620 for a VA or USDA loan.
• Credit history: You will need to show that you have re-established good credit since the foreclosure and have no other major negative items on your credit report, such as bankruptcy, collections, or judgments.
• Debt-to-income ratio: You will need to show that you have enough income to afford the monthly mortgage payments and other debt obligations. Lenders typically prefer borrowers who have a debt-to-income ratio of 36% or lower, but some may allow higher ratios depending on the loan type and other factors.
• Down payment: You will need to have enough money saved for a down payment that varies depending on the type of loan you want. For example, you may need at least 3% for a conventional loan, 3.5% for an FHA loan, or 0% for a VA or USDA loan.

Buying a home after a foreclosure is possible, but it requires patience and preparation. You will need to wait for a certain period of time, rebuild your credit, save money, and shop around for the best loan option for your situation. If you do these things, you can achieve your dream of homeownership again.