|
When Can I Buy Home After Bankruptcy Foreclosure, Short Sale?
I think I hear questions about this topic more often than anything these days, so I wanted to share with everyone the latest waiting periods for people to buy a home after a bankruptcy, foreclosure or short sale. Each type of of financing has it's own requirements. Below is a description of each. As always, please contact me anytime with any questions.
2011 FHA Guidelines
Bankruptcy – You may be eligible for a FHA loan after your bankruptcy has been discharged for 2 years with a Chapter 7 Bankruptcy (1 year with a Chapter 13 Bankruptcy).
Foreclosure - You may be eligible a FHA loan 3 years after the sale/deed transfer date.
Short Sale – You may be eligible for a FHA loan 3 years after the sale date of your foreclosure. FHA guidelines for a short sale are the same as a foreclosure.
Credit must be re-established with a 640 minimum credit score
2011 VA Guidelines
Bankruptcy - You may be eligible for a VA loan 2 years after a bankruptcy
Foreclosure - You may be eligible for a VA loan 2 years after a foreclosure
Short Sale - You may eligible for a VA 2 years after a short sale, unless it was a VA loan. There may be restrictions if that is the case.
Credit must be re-established with a minimum 620 credit score
2011 Conventional Guidelines (Fannie Mae)
Bankruptcy – You may eligible for a Conventional loan after your bankruptcy has been discharged for 4 years.
Foreclosure - You may be eligible for a Conventional loan 7 years after the sale date of your foreclosure. Additional qualifying requirements may apply,
Short Sale / Deed in Lieu of Foreclosure - You may be eligible for a Conventional loan 2 years after the date of your short sale for financing up to a maximum 80% loan to value (20% down payment)
After 4 years for financing up to a maximum 90% loan to value (10% down payment). Subject to private mortgage insurance underwriting guidelines.
After 7 years for financing above 90% Loan to Value (Less than 10% down payment). Subject to private mortgage insurance underwriting guidelines.
Credit must be re-established with a minimum 660 credit score.
When Can I Buy Home After Bankruptcy Foreclosure, Short Sale When Can I Buy Home After Bankruptcy Foreclosure, Short Sale When Can I Buy Home After Bankruptcy Foreclosure, Short Sale When Can I Buy Home After Bankruptcy Foreclosure, Short Sale When Can I Buy Home After Bankruptcy Foreclosure, Short Sale When Can I Buy Home After Bankruptcy Foreclosure, Short Sale When Can I Buy Home After Bankruptcy Foreclosure, Short Sale When Can I Buy Home After Bankruptcy Foreclosure, Short Sale When Can I Buy Home After Bankruptcy Foreclosure, Short Sale When Can I Buy Home After Bankruptcy Foreclosure, Short Sale
|
