Wait times after foreclosure
Foreclosure. Short Sale. Bankruptcy...Waiting periods to buy another home.
Over the past few years lender guidelines have loosened for people looking to buy a home after a foreclosure, short sale, or bankruptcy. Lenders have come to the realization that many honest, hard-working, people have come into financial hardship during this tough recession. Instead of waiting 7-10 years for these items to disappear from your credit profile, you can now buy a home in as little as 2 years.
Take a look at the waiting periods after these occurences.
Foreclosure:
- FHA = 3 Years
- VA = 2 Years
- Conventional = 7 Years
Short Sale:
- FHA = 3 Years
- VA = 2 Years
- Conventional 2 Years (20% down), 4 Years (10% down), 7 years with min. avail. down
Bankruptcy (CH. 7)
- FHA = 2 Years
- VA = 2 Years
- Conventional = 4 Years
There is a light at the end of the tunnel. You how have an option to get back into the housing market in as little as 2 years from these events. If you are looking at El Cajon Real Estate or Santee Homes for Sale, please visit SDBroker.
