Question by Gidgit: How long after a foreclosure can you get a car loan or mortgage again.
Best answer:
Answer by HM
For mortgages, you will commonly deal with FHA and Conventional mortgages. Previous standards were that you had to be out of foreclosure at least 4 years on a Conventional mortgage and 2 years on FHA. That was before the mortgage foreclosure and credit crisis.
Since the crisis, lenders have been forced to scale back because investors are tightening credit restrictions. Thus, guidelines are changing almost daily.
Many auto dealers have a special finance department that works with people slow pay, foreclosure, bankruptcy, etc. If you have a job, pay stubs and a down payment, getting a car should be pretty easy after a foreclosre. The catch is that you will pay a higher interest rate with riskier credit.
http://mortgagefodder.blogspot.com/
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