Fannie Mae will lend again 2 years after a short sale with
20% down or 4 years later with 10% down.
If you had a bankruptcy the timeframe is 4 years for a chapter 7 or 2 years
for a chapter 13 (from the discharge date).
VA loans require 2 years on a short sale, 2 years on a
Chapter 7 and 1 year past a chapter 13.
FHA is 3 years post short sale if you had mortgage lates leading
up to the short sale, (no lates the time
is less) and they are 2 years on a chapter 7 and 1 year on a chapter 13 However, FHA is shortening the waiting
period for some borrowers who had had previous short sales, bankruptcies.
For borrowers who meet certain requirements, FHA is trimming
down the amount of time that homebuyers must wait after a bankruptcy or short
sale before they may qualify for a FHA mortgage to 1 year. This is great news as the waiting period had
been 2 years after the completion of a bankruptcy and 3 years after a
foreclosure or a short sale.
Who can qualify under the new “back to work extenuating
circumstance” policy? Borrowers must be able to show their household income
fell by 20% or more for at least 6 months and prove the reduction was tied to
unemployment or another “economic event” beyond their control.
Feel free to contact me with any questions.
Posts
