Raleigh - Cary Home Reviews & Market News!: January 2011

Your Resource for Raleigh, Cary, Apex, Holly Springs, Morrisville, Fuquay-Varina, Wake Forest & Surrounding Areas!

When Can I Buy a Home After a Foreclosure? Bankruptcy? Short Sale?

There's one questions we're beginning to hear a lot and we'll be hearing a lot more over the next few years.  That is, how long before I can buy a home after a foreclosure, bankruptcy, or short sale.  Ed & Barbara did a great job detailing how long it will take before you can purchase a home after a bankruptcy, foreclosure or short sale.

And who knows, things may change over the years.  After all, the one thing constant in the Real Estate and banking world is change!  You should always check with your loan officer right away.

When Can I Buy a Home After a Foreclosure? Bankruptcy? Short Sale?

 If you've recently experienced foreclosure, bankruptcy or a short-sale, you are  wondering when you'll be able to purchase a home again. Now when I say purchase a home, I mean doing so with the aid of a mortgage; obviously you can buy a home with cash at any time if you've got the funds yourself.

 One of the most common questions I'm asked as a Mortgage Loan Officer is; "How long after a ______ can I purchase a home?"

 Well there is an answer, BUT it takes some explaining to get there. Luckily you've come to the right place. FHA & VA are Government "Guaranteed" loans and Fannie Mae and Freddie Mac are known as Conventional loans. They each have their OWN minimum standards or Guidelines. To add to the confusion, different Lenders can, and DO, add their own more strict guidelines on top of these called "Over-Lays".

There has been more changes in the Mortgage industry in the last year and a half than ever before. These changes at times seem to come monthly or even weekly. It has been VERY hard to keep up with. SO, as of TODAY, below are the "CURRENT" guidelines:

 Loan Type       Bankruptcy                Foreclosure*              Short-Sale

   FHA                    2 years                         3 years                         3 years 

   VA                      2 years             2 yrs/May Loose VA**         2 years 

  Conventional    4 years                         5 years                         2 years 

   USDA               3 years                         3 years                         3 years 

*  In the case of foreclosure, The waiting period begins once change of ownership has been RECORDED.

** If the foreclosure was on a VA loan, full entitlement may not be  restored.

Ed and Barbara Heiser/ The Heiser Team

480-830-8030 Office

   

Raleigh Cary Apex Realtor Carla Freund Realty

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Comment balloon 0 commentsCarla Freund • January 16 2011 07:14PM
When Can I Buy a Home After a Foreclosure? Bankruptcy? Short Sale?
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