Did You Have A Short Sale Or Foreclosure Or A Bankruptcy

Did You Have A Short Sale Or Foreclosure Or A Bankruptcy

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


Rebecca Kallhoff Headshot
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Phone: 480-275-9566
Dated: May 12th 2016
Views: 393
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