will i ever be able to finance a home again?

[Alpha]

I bought my first home in April of 2009 using the usda first time buyers program.  things went well until i lost my job due to the awful oregon economy. so far i have used my savings to keep up on all my bills including house and car loans. now i'm at the point where i'm running out of reserve funds. I have a job offer with my old employer in Montana that i'm going to have to take and that means walking away from the house. I owe right at what it's worth or maybe a bit more depending on how accurate Zillow is. I have 3 credit cards with minimum balances and a car loan all in excellent standing, if i keep all these things in good standing and the only thing on my credit report is the house forclosure will i ever qualify for a home loan again? i'm assuming a short sale is not an option since it's a goverment backed loan.

[BrianB_The_Loan_Professor]

Yes the foreclosure will kill your credit but you can get another loan at some point

I would check about a short sale before walking

[Jazzzy]

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@Alpha wrote:
I bought my first home in April of 2009 using the usda first time buyers program.  things went well until i lost my job due to the awful oregon economy. so far i have used my savings to keep up on all my bills including house and car loans. now i'm at the point where i'm running out of reserve funds. I have a job offer with my old employer in Montana that i'm going to have to take and that means walking away from the house. I owe right at what it's worth or maybe a bit more depending on how accurate Zillow is. I have 3 credit cards with minimum balances and a car loan all in excellent standing, if i keep all these things in good standing and the only thing on my credit report is the house forclosure will i ever qualify for a home loan again? i'm assuming a short sale is not an option since it's a goverment backed loan.

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Is your house listed for sale? If not...do that now.