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.
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.
Keller Williams Preferred Realty
By Carla Freund Realty Team
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Contact Carla Freund, Broker, Keller Williams Preferred Realty, Licensed Realtor® in North Carolina at 919-602-8489 to list your property for sale or to purchase a property in Cary, Raleigh, Morrisville, Apex, Fuquay-Varina, Garner, Holly Springs, Pittsboro, Durham, Chapel Hill, Johnston County, and the surrounding areas.
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Disclaimer: The information provided herein is supplied by several sources and is subject to change without notice. The Raleigh - Cary Home Reviews Blog, Keller Williams and Carla Freund does not guarantee or is any way responsible for its accuracy, and provides said information without warranties of any kind, either expressed or implied. Entries on Raleigh - Cary Home Reviews represent the opinions and ideas of the author(s). Raleigh - Cary Home Reviews Blog does not express the views of Keller Williams, or those of the broker.
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