Tips for HomeBuyers: Find life after foreclosure.
Have a foreclosure in recent years? Join the crowd. Though you might think you have to wait seven years to get another
conventional mortgage, Fannie Mae, Freddie Mac and the FHA say they actually require just a three-year waiting period if
the foreclosure was caused by extenuating circumstances. There are plenty of nonconforming lenders -- often called
"shadow bankers" -- out there if you can endure a big down payment (around 20 percent) and above-market interest rates.
Or consider a lease-purchase or lease-option where you pay the homeowner a monthly premium above your rent for the right
to buy at a set price later.
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