Wait Time for Buying Another Home After Foreclosure

Here are the Revised, NEW Requirements

What is the waiting period for a previous homeowner who sold their home using a foreclosure or a short sale process before they can purchase another home to live in?

Here are the revised, NEW requirements. This information was obtained from our contacts at Bank of America. The revised waiting times to be able to qualify for another home mortgage after a deed-in-lieu, foreclosure, short sale or bankruptcy can verify by both the government agency involved in acquiring or insuring the mortgage along with the dollar loan amount.

NOTICE: Not all Agents, grasp the concept that the greatest 2011 opportunity is assisting owners in avoiding a foreclosure by means of a short sale. And its STILL NOT TOO LATE to sell your home using a Stockton Area short sale expert.

Federal Housing Administration (FHA Loans)

  1. Deed-in Lieu is 3 years
  2. Foreclosure is 3 years
  3. Short Sale is 3 years
  4. Bankruptcy is 2 years

Veterans Administration (VA Loans)

  1. Deed-in Lieu is 2 years
  2. Foreclosure is 2 years
  3. Short Sale is 2 years
  4. Bankruptcy is 2 years

Conventional Conforming (FNMA/FHLMC Loans)

  1. Deed-in-Lieu - 4 years (80% LTV and 5 years) 80% LTV for primary residences. 7 years for second homes and investment properties regardless of LTV.
  2. Foreclosure is 7 years
  3. Short Sales is 2 years < 80% LTV and 5 years > 80% LTV and 7 years > 90% LTV
  4. Bankruptcy is 4 years

Conventional Non-Conforming (JUMBO Loans)

  1. Deed-in-Lieu is 7 years
  2. Foreclosure is 7 years
  3. Short Sale is 7 years
  4. Bankruptcy is 7 years

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