When Can I Buy Again??

by admin on July 5, 2010

in Pre-foreclosure Information,Radiant Tips and Advice

When Can I Buy Again??

Given the current economic climate, more consumers are dealing with credit concerns. We are often asked, “How long do I have to wait after a foreclosure or bankruptcy to purchase a home?” The answer depends on the type of financing you will be using to purchase.

FHA Loans:
Foreclosure – 3 years
Short Sale – 3 years
Chapter 7 Bankruptcy – 2 years past discharge
Chapter 13 Bankruptcy – paid in at least 12 months into payment plan and court permission

Conventional Loans:
Foreclosure – 5 to 7 years
Short Sale without late payments – 2 years
Short Sales with late payments – 4 years
Deed in Lieu with mortgage late payments – 4 years
Bankruptcy (Chapter 7 and 13) – 4 years

If you have been through a foreclosure, bankruptcy, or short sale, and are looking to purchase, be mindful of these dates, as they are standards set by HUD and Fannie Mae. It is also pertinent to note that short sales often report on a credit report like a foreclosure. The advantage of a short sale is the shorter waiting period to purchase again. If you have any questions, feel free to give us a call.

*Content for this blog post was provided by Dawn Cychner, a local mortgage broker. Dawn is the CEO/Senior Account Executive with C&S California Capital, and you can contact Dawn to answer additional home loan related questions at DECychner@cscaliforniacapital.com or visit www.cscaliforniacapital.com.
**This information is deemed reliable but not guaranteed. Lenders make changes to the guidelines they use to qualify borrowers, so please contact us for current credit & home loan guidelines as needed.

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