\n\n IF YOU HAVE FORECLOSURE ON YOUR CREDIT<\/b><\/span><\/span><\/p>\n<\/td>\n | \n THEN WAITING PERIOD IS<\/span><\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n\n\n Conventional Loans<\/p>\n<\/td>\n | \n 7\u00a0 Years From the Credit Report Date<\/p>\n<\/td>\n<\/tr>\n | \n\n FHA Loans<\/p>\n<\/td>\n | \n 3 Years From the Credit Report Date<\/p>\n<\/td>\n<\/tr>\n | \n\n FHA Back-to Work Loans<\/p>\n<\/td>\n | \n 1 Years From the Credit Report Date (must qualify under certain circumstances)<\/p>\n<\/td>\n<\/tr>\n | \n\n VA Loans<\/p>\n<\/td>\n | \n 2 Years From the Credit Report Date<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n Conventional<\/b>.<\/span> It is 7 years before a buyer can repurchase again using Conventional \u00a0financing.<\/p>\nFHA<\/b><\/span>. It is 3 years before a buyer can repurchase again using FHA financing. Or, see below for how a FHA buyer can qualify again after just 1 year if they experienced an economic event.<\/p>\nFHA Back to Work . <\/b><\/span>This program is 12 months out of a short sale with 12 months good payment history. \u00a0Below are the requirements.<\/p>\n\n- As low as 3.5% down.<\/li>\n
- 12 months from short sale with 12 months good payment history.<\/li>\n
- Must be able to prove a min. of 20% reduction of income, job loss or something job related that caused the short sale.<\/li>\n
- Must be able to prove that you are no longer in financial difficulty.<\/li>\n
- Must take a HUD Approved Counseling 30 days prior to Applying.<\/li>\n<\/ul>\n
VA<\/b>.<\/span>\u00a0It is only 2 years before a buyer can repurchase again using VA financing.<\/p>\n2. When Can I Repurchase Again After a Short sale?<\/b><\/span><\/h2>\nHere are the waiting period time lines for when a buyer can repurchase again after a\u00a0Short Sale\u00a0<\/b>and they are trying to obtain either Conventional, FHA or VA financing.<\/p>\n\n\n\n\n IF YOU HAVE SHORT SALE ON YOUR CREDIT REPORT<\/strong><\/span><\/span><\/p>\n<\/td>\n\n THEN WAITING PERIOD IS <\/strong><\/span><\/span><\/p>\n<\/td>\n<\/tr>\n\n\n Conventional Loans- Freddie Mac<\/p>\n<\/td>\n | \n 4 Years From the Short Sale Closed Date on Credit Report<\/p>\n<\/td>\n<\/tr>\n | \n\n Conventional Loans- Fannie Mae<\/p>\n<\/td>\n | \n 2 Years For Loans at 80% or below and 4 Years for Loans between 80%-90% and 7 Years for Loans between 91%-95%\u00a0 From the Short Sale Closed Date on Credit Report<\/p>\n<\/td>\n<\/tr>\n | \n\n FHA Loans<\/p>\n<\/td>\n | \n 3 Years From the Short Sale Closed Date on Credit Report<\/p>\n<\/td>\n<\/tr>\n | \n\n VA Loans<\/p>\n<\/td>\n | \n 2 Years From the Short Sale Closed Date on Credit Report<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n FHA<\/b>.<\/span> It is 3 years before a buyer can repurchase again using FHA financing.<\/p>\nFHA TIP:<\/span><\/strong>\u00a0The FHA has a loophole that not many people know about,\u00a0if the FHA buyer did not have any late payments before their short sale, they are allowed to automatically qualify again for FHA financing<\/b>.<\/p>\nNew FHA Short Sale Rule for 2014<\/b><\/span>.\u00a0The FHA announced in late 2013 they have reduced the time line that buyers must wait after a bankruptcy, foreclosure or short sale before qualifying for an FHA-backed mortgage,\u00a0if a buyer experienced an \u201ceconomic event\u201d whereby their household income fell by 20% or more for a period of at least six months.<\/b><\/p>\nThe period had previously been two years following a bankruptcy, and three years following a foreclosure or short sale.\u00a0The agency has now reduced the waiting period to ONE YEAR.\u00a0<\/b><\/p>\n VA<\/b>.<\/b> <\/span>It is only 2 years before a buyer can repurchase again using VA financing.<\/p>\nConventional.<\/b><\/span>\u00a0Until recently it was 4 years before a buyer can repurchase again using Conventional financing.<\/p>\nConventional TIP:<\/span>\u00a0<\/b>Fannie Mae has implemented a new rule that\u00a0allows buyers to repurchase again using conventional financing after only 2 years instead of 4, as long as they put 20% down<\/b><\/p>\n3. When Can I Repurchase Again After Bankruptcy?<\/b><\/span><\/h2>\nHere are the waiting period time lines for when a buyer can purchase again after a\u00a0Bankruptcy\u00a0<\/b>and they are trying to obtain either Conventional, FHA or VA financing.<\/p>\n\n\n\n\n IF YOU HAVE BANKRUPTCY ON YOUR CREDIT REPORT<\/b><\/span><\/span><\/p>\n<\/td>\n | \n THEN WAITING PERIOD IS <\/b><\/span><\/span><\/p>\n<\/td>\n<\/tr>\n\n\n Chapter 7- Conventional Loans<\/p>\n<\/td>\n | \n 4 Years From the Discharged\u00a0 Date on Credit Report<\/p>\n<\/td>\n<\/tr>\n | \n\n Chapter 13- Conventional Loans<\/p>\n<\/td>\n | \n 2 Years From the Discharged\u00a0 Date on Credit Report<\/p>\n<\/td>\n<\/tr>\n | \n\n Chapter 7- FHA Loans<\/p>\n<\/td>\n | \n 2 Years From the Discharged\u00a0 Date on Credit Report<\/p>\n<\/td>\n<\/tr>\n | \n\n Chapter 13- FHA Loans<\/p>\n<\/td>\n | \n 2 Years From the Discharged\u00a0 Date on Credit Report<\/p>\n<\/td>\n<\/tr>\n | \n\n Chapter 7- VA Loans<\/p>\n<\/td>\n | \n 2 Years From the Discharged\u00a0 Date on Credit Report<\/p>\n<\/td>\n<\/tr>\n | \n\n Chapter 13- VA Loans<\/p>\n<\/td>\n | \n 2 Years From the Discharged\u00a0 Date on Credit Report<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n Conventional<\/b>.<\/span> For a chapter 7 Bankruptcy it is 4 years and 2 years for a chapter 13 bankruptcy, before a buyer can repurchase again using Conventional financing.<\/p>\nFHA<\/b>.<\/span> For a chapter 7 Bankruptcy it is 2 years and 2 years for a chapter 13, before a buyer can repurchase again using FHA financing. Or, see above for how a buyer can qualify again after just 1 year if they experienced an economic event.<\/p>\nVA<\/b>.<\/span> For a chapter 7 Bankruptcy it is 2 years, and 2 years for a chapter 13 bankruptcy, before a buyer can repurchase again using VA financing.<\/p>\nWe can manually underwrite your loan if your situation is unique from the above mentioned situation. So please contact us directly at 703-349-1084 for further assistance.<\/b><\/span><\/h3>\n\n","protected":false},"excerpt":{"rendered":" Buy home after Short Sale, Foreclosure & Bankruptcy There are many factors that will affect your ability to qualify for a loan in order to buy a house again after a Short sale, Foreclosure or Bankruptcy. If you have taken good care of your credit since, paid all your bills on time in the last […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"nf_dc_page":"","pmpro_default_level":"","footnotes":""},"_links":{"self":[{"href":"https:\/\/www.guardianmtginc.com\/index.php?rest_route=\/wp\/v2\/pages\/1134"}],"collection":[{"href":"https:\/\/www.guardianmtginc.com\/index.php?rest_route=\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.guardianmtginc.com\/index.php?rest_route=\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.guardianmtginc.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.guardianmtginc.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1134"}],"version-history":[{"count":2,"href":"https:\/\/www.guardianmtginc.com\/index.php?rest_route=\/wp\/v2\/pages\/1134\/revisions"}],"predecessor-version":[{"id":2324,"href":"https:\/\/www.guardianmtginc.com\/index.php?rest_route=\/wp\/v2\/pages\/1134\/revisions\/2324"}],"wp:attachment":[{"href":"https:\/\/www.guardianmtginc.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1134"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}} | | | | | | |