What is the waiting time to buy a home after a short sale, foreclosure or bankruptcy?

July 13, 2010 at 9:13 pm Leave a comment


CONVENTIONAL:

Chapter 7 Bankruptcy – 4 yrs from discharge date
Chapter 13 Bankruptcy – 2 yrs from discharge date
Foreclosure – 5 yrs from completion date (Foreclosure waiting period applies if mortgage was included in a bankruptcy)
Deed-in-Lieu of Foreclosure – 4 yrs from completion date
Short Sale – 2 yrs from completion date

FHA
Chapter 7 Bankruptcy – 2 yrs from discharge date
Chapter 13 Bankruptcy – 1 yr of the payout must elapse & payment performance must be satisfactory. Buyer to receive permission from court to enter into a mortgage.
Foreclosure – 3 yrs from foreclosure date (Foreclosure waiting period applies if mortgage was included in a bankruptcy)
Short Sale – Immediately if borrower is current in paying the mortgage during the short sale. 3 yrs. if at least 30 day late. Ask lender for details.

* Borrower is disqualified from obtaining FHA if borrower had a previous FHA loan.

VA LOAN
Chapter 7 Bankruptcy – 2 yrs from discharge date
Chapter 13 Bankruptcy – 1 yr of the payout must elapse and payment performance is satisfactory. Buyer to receive permission from court to enter into a mortgage.
Foreclosure – 2 yrs from completion date (Foreclosure waiting period applies if mortgage was included in a bankruptcy)
Short Sale – No information on this yet. Assume 2 yrs from completion date.

USDA LOAN
Bankruptcy – (Chaps. 7 or 13) – 3 yrs from discharge date
Foreclosure – 3 yrs from completion date (Foreclosure waiting period applies if mortgage was included in bankruptcy)
Short Sale – No rule on this yet, assume 3 yr foreclosure rule

* Lending guidellines may change without notice. Please check with your loan officer for more details.

Entry filed under: Arizona Real Estate, Chandler Real Estate, Foreclosures & Short Sales, Phoenix Real Estate, Real Estate Deals, Scam Central. Tags: , , , , , .

CITY OF CHANDLER DOES IT AGAIN! 10 WAYS TO SPEED UP A SHORT SALE

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