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When can you buy a Home in Phoenix AZ, After a Foreclosure, Short Sale or Bankruptcy?
I have been approached by people who have suffered either a Bankruptcy, Foreclosure or Short sold their home. They want to know if they can buy a home again! I was amazed at all the bad information on the web and all the bad information people receive from people they know. When I'm out networking I like to ask this question "if you or someone you know lost a home to foreclosure, when can they buy again?" Most people will answer 10 or 7 years. so they are blown away then i tell them 3 years. I want to get the correct information out around the currect guidelines. Because you will know someone that has lost their home in the past 5 years. Let's help educate these people, so we can get them back on the road of home ownership.
Please see the breakdown below for the time frame you will need to wait before you can own a home again after Bankruptcy, Foreclosure or Short Sale in Arizona.
Time Frame After Bankruptcy
CH 7
FHA = 2 yrs
Conventional = 4 yrs
VA = 2yrs
CH 13 -
FHA = 12 months
Conventional = 2yrs *
VA = 12 months
Time Frame After Foreclosure
FHA - 3 years from actual record of foreclosure
Conventional - 7 years from actual record foreclosure date
VA - 2 years from actual record foreclosure date
Time Frame After Short sale
FHA - 1day/ 3 years ** from actual record sales dats
Conventinal - 2 years with max 80% loan to value
- 4 years with max 90% loan to value
- 7 years with all other cases
VA - VA does not have guidelines around this but the lenders are requiring 2 years from Sales date
** FHA short sale - If you missed mortgage payments you will need to wait 3years. if no late mortgage payments and certain conditions are met you can buy 1 day after short sale. Please call us regarding your issue.
If you would like to know when you are eligible to buy a home please call us so we can schedule you for phone review.
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