Good Morning!
I wanted to give you the basic waiting periods for Bankruptcies, Foreclosures, and Deed in Lieu and Short Sales for FHA and Conventional loans.
Waiting periods for FHA:
Bankruptcies: 2 years. …Note, if there was a mortgage included in the BK, you need to determine when the property was subsequently foreclosed to make sure the loan meets those parameters.
It’s possible to get a loan while your in Chapter 13 Bankruptcies with at least 12 months of clean pay history, and permission from your trustee.
Foreclosures, Deeds in Lieu and Pre-Foreclosures (short sales): 3 years
Waiting periods for Conventional:
Chapter 7 Bankruptcy: 4 years
Chapter 13 Bankruptcy: 2 years from discharge, 4 years from dismissal
Multiple BK Filings: 5 years if more than one filing in the past 7 years
Foreclosure: 7 years
Pre-Foreclosure/Deed in Lieu: 2 years @ 80% LTV4 years @ 90% LTV7 years above 90% LTV
Note: You need to have established good credit history after the bankruptcy / foreclosure.
That’s it for today!
Have a good day! …and thanks for reading.
Brett
If you are thinking about buying a house, but you aren’t really sure if it’s…
Here is a breakdown of the maximum seller help amounts by loan program… Program: Conventional…
Your property tax bill usually comes out in late November, or early December. There are…
If you want to acquire rental properties, but you are having issues proving your income…
If you receive money from the State or a County sponsored organization for providing foster…
FHA gift questions come up often. I wanted to give you the rules on FHA…