Have you previously lost a home to foreclosure? Have you sold a home using a short sale? If you’ve been through a financial hardship like a short sale, foreclosure, bankruptcy, deed in lieu of foreclosure, this article will help you determine how long you must wait to re-enter the home buying mortgage markets.
The graph below is provided by Cory Dressel of AmeriFirst Financial, and the time-frames and regulations listed may be specific to AmeriFirst Financial. But this graph can be a useful tool for you if you’ve already previously lost a home to foreclosure or short sold a home, and you’re wondering what type of time-frames mortgage lenders require before you can be considered for another mortgage.
This could also be useful if you are considering a short sale but want to know how long it will affect your home buying abilities. This graph is also downloadable and printable for your convenience (see clickable link below):
Provided By:
Garrigus Real Estate
Click Here to Download:
Waiting Periods to Buy Home After Short Sale, Foreclosure, Bankruptcy
Or View Full Table Below:
| "LOAN TYPE" | FORECLOSURE | SHORT SALE / DEED IN LIEU | CHAPTER 7 BANKRUPTCY | CHAPTER 13 BANKRUPTCY |
|---|---|---|---|---|
| CONVENTIONAL | 7 years from completion date / 3 years with extenuating circumstances (90% Max LTV, purchase of primary or rate and term all occupancy types) | 4 years from completion date / 2 years with extenuating circumstances | 4 years from discharge date / 2 years with extenuating circumstances | 4 years from dismissal date / 2 years from discharge date / 2 years from dismissal date with extenuating circumstances |
| FHA | 3 years from completion date / 1 year with extenuating circumstances | 3 years from completion date / Can re-enter market if short sale is sold with NO mortgage delinquencies 1 year with extenuating circumstances | 2 years from discharge date / 1 year with extenuating circumstances | 1 year of the payout must elapse & payment performance must be satisfactory / Buyer must receive permission from the court to enter into mortgage |
| VA | 2 years from completion daate / 1 year with extenuating circumstances | 2 years from completion date / Can immediately re-enter market if short sale is sold with NO mortgage delinquencies / 1 year with extenuating circumstances | 2 years from discharge date / 1 year with extenuating circumstances | 1 year of the payout must elapse & payment performance must be satisfactory / Buyer must receive permission from the court to enter into mortgage |
| USDA | 3 years from completion date / 1 year with extenuating circumstances | 3 years from completion date / 1 year with extenuating circumstances | 3 years from discharge date / 1 year with extenuating circumstances | 1 year payout has elapsed & payment performance is satisfactory. Written permission from Trustee or automated underwriting approval |
Are you wondering:
- How long do I have to wait to buy a house after a short sale?
- How long do I have to wait to buy a house after foreclosure?
- How long do I have to wait to buy a house after filing bankruptcy?
- Can I buy a house after chapter 7 and foreclosure?
- How long do I have to wait to buy a house after filing chapter 13?
- About buying a house after chapter 7 discharge?
- How to buy a house after bankruptcy, short sale or foreclosure.
If you’re wondering how long you need to wait to buy a home after a short sale, foreclosure or bankruptcy, this one-sheet resource that you can download and/or print can help you determine where you are at in your process. And feel free to call or contact us if you have any questions about your particular situation. We also can help you short sell your home if you are facing foreclosure or a short sale: