Can I get a mortgage after a foreclosure in Wisconsin?

Rob Miller, Branch Manager at MadCity Home Loans, explains the path back to homeownership for Wisconsin buyers who went through a foreclosure.

Can I get a mortgage after a foreclosure in Wisconsin?

A foreclosure is one of the hardest negative events to have on your credit — but it does not permanently bar you from homeownership. Here are the mandatory waiting periods by loan type:

Waiting Periods After Foreclosure

• FHA Loans: 3 years from the foreclosure completion date (the date the property transferred out of your name)
• VA Loans: 2 years from the foreclosure completion date
• USDA Loans: 3 years from the foreclosure completion date
• Conventional (Fannie Mae): 7 years standard; reduced to 3 years with documented extenuating circumstances (job loss, medical event, divorce) and at least 10% down

What Counts as the Foreclosure Date?

In Wisconsin, the clock starts from the sheriff's sale date or the date the deed transferred to the new owner — not when you stopped making payments. If there was a short sale instead, the waiting periods are shorter (typically 2–4 years depending on loan type and deficiency).

What to Do During the Waiting Period

• Open 2–3 secured credit cards and pay them off monthly
• Re-establish a positive payment history across all accounts
• Save aggressively — reserves and down payment funds send a strong signal
• Avoid any new collections or derogatory marks

For Realtors

Connect these buyers with me early. I'll give them an honest timeline and a clear action plan — and when they're ready, they'll remember who supported them through the rebuild.

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Related Guide: Our Credit Repair Guide walks through rebuilding your score step by step.