Yes it is true you can buy a home 1 day after your foreclosure. Your home has to have been already foreclosed, it cannot be in the process of being foreclosed.
If you have a 660 credit score and 20% down you can buy a new home. You can get either a 5/1 or a 7/1 ARM. Rates start at 7.375%. You need 6 months of your new mortgage pmt. in reserves. You can have the seller pay 3% – 6% of your closing costs depending on how much you are putting down. You must have your taxes and insurance included in your payment. Barclay Butler Financial Inc. is now doing these loans.