Did You Have A Short Sale Or Foreclosure Or A Bankruptcy

Dated: 05/12/2016

Views: 368

Wow its May 2016....Can you believe it? 2016 is almost half done! Are you getting ready for another HOT Arizona summer?? Dreaming of having a pool? Well you can really make your dreams reality!! NO I am not kidding, EVEN if you have had a bankruptcy, Foreclosure, or a short sale. 

2016 FHA GUIDELINES

  • Bankruptcy – You may apply for a FHA insured loan after your bankruptcy has been discharged for TWO (2) years with a Chapter 7 Bankruptcy.  You may apply for a FHA insured loan after your bankruptcy has been discharged for ONE (1) year with a Chapter 13 Bankruptcy

  • Foreclosure – You may apply for a FHA insured loan THREE (3) years after the sale/deed transfer date.

  • Short Sale / Deed in Lieu – You may apply for a FHA insured loan THREE (3) years after the sale date of your foreclosure. FHA treats a short sale the same as a Foreclosure for now.

  • Credit must be re-established no late payments in past 12-24 months, depending on hardship

2016 VA GUIDELINES

  • Bankruptcy Ch 7 – You may apply for a VA guaranteed loan TWO (2) years after a chapter 7 Bankruptcy

  • Bankruptcy Ch 13 – If you have finished making all payments satisfactorily, the lender may conclude that you have reestablished satisfactory credit.

    • If you have satisfactorily made at least 12 months worth of the payments and the Trustee or the Bankruptcy Judge approves of the new credit, the lender may give favorable consideration.

  • Foreclosure / Deed in Lieu – You may apply for a VA guaranteed loan TWO (2) years after a foreclosure

  • Short Sale – VA does not recognize a short sale as a derogatory event.  If you are able to credit qualify for a VA loan, a short sale would not prevent you from being eligible for VA financing. – Updated 4/2016

  • Credit must be re-established with a minimum 620 credit score

2016 USDA GUIDELINES

2016 CONVENTIONAL (FANNIE MAE) GUIDELINES

  • Bankruptcy – You may apply for a Conventional, Fannie Mae loan after your Chapter 7 bankruptcy has been discharged for FOUR (4) years, TWO (2) years from the discharge of a Chapter 13

  • Foreclosure – You may apply for a Conventional, Fannie Mae loan SEVEN (7) years after the sale date of your foreclosure.  Additional qualifying requirements may apply,

  • Short Sale / Deed in Lieu of Foreclosure –

    • UPDATED – Effective 7/29/2014:  Waiting period for subsequent foreclosure that was included in Bankruptcy is waived.  If mortgage is included in Bankruptcy, waiting period defaults to FOUR (4) from the discharge date.

    • UPDATED – Effective 8/16/2014:  Short Sale or Deed in Lieu of Foreclosure not included in a Bankruptcy has a new Waiting Period of FOUR (4) years from date your name is removed from title.  This replaces the ability to buy in 24 months with 20% down payment and minimum 680 credit score.

    • SEVEN (7) Years above 90% Loan to Value | with less than 10% Down Payment – Subject to Private Mortgage Insurance underwriting guidelines.

Credit must be re-established with a minimum 620 credit score.


Hope this information is helpful!! 

Information from: http://www.findmywayhome.com/home-mortgage-news/boomerang-buyers/how-long-do-i-have-to-wait-after-a-bankruptcy-short-sale-or-foreclosure/

https://youtu.be/caBIMUq1mi0

Want to Advertise on this Site?

Latest Blog Posts

What Is Going On In The Housing Market

Sept. 19,2020Hard to imagine we are almost finished with 2020! What a year this one has been. BUT the one thing that has remained to be strong and steady is the housing market. Especially here in

Read More

Trader Joes Coming To The Queen Creek Marketplace

The Kallhoff Team is super excited to announce that Trader Joe's is coming to the Queen Creek Marketplace. With the surrounding areas of Queen Creek and San Tan Valley growing, it is exciting to add

Read More

End Of Year 2018 Overview And What Is Going To Happen 2019

Wow can you believe 2018 is quickly coming to an end? The real estate market has been interesting this year in the East Valley. March thru July was insane with multiple offers, prices going up, and

Read More

Did You Know Home Warranties Are NOT Just For New Sales

Hello world,I know I have not been very good about blogging. BUT that is going to be changing, as well as we are (as a team) going to get better about videos to also share.  ANYWAYS........ I

Read More