** Myself and our past clients are going through a credit repair company to remove the short sale (and other negative items) completely from our credit. This time frame is typically less than 6 months. Contact me for more info.
2012’ FHA Waiting Guidelines
Bankruptcy – You may apply for an FHA insured loan after your bankruptcy has been discharged for TWO (2) years with a Chapter 7 Bankruptcy.
You may apply for an FHA insured loan after your bankruptcy has been discharged for ONE (1) year with a Chapter 13 Bankruptcy
Foreclosure - You may apply for an FHA insured loan THREE (3) years after the sale/deed transfer date.
Short Sale / Notice of Default – You may apply for an FHA insured loan THREE (3) years after the sale date of your short sale, if you had mortgage lates. FHA treats a short sale the same as a Foreclosure for now. If you did not have mortgage lates and did what is called a “non delinquent” short sale, you may be eligible to purchase again right away with no waiting period.
Credit must be re-established with a minimum 620 credit score
Bankruptcy – There is no waiting period to apply for a VA loan, assuming credit has been re-established and you have a 620-640 credit score.
Foreclosure - There is no waiting period to apply for a VA loan, assuming credit has been re-established and you have a 620-640 credit score.
Short Sale - There is no waiting period to apply for a VA loan, assuming credit has been re-established and you have a 620-640 credit score. (Unless the short sale was a VA loan then restrictions may apply)
Credit must be re-established with a minimum 620 credit score
Bankruptcy – You may apply for a Conventional, Fannie Mae loan after your bankruptcy has been discharged for FOUR (4) years.
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 -
TWO (2) Years up to Maximum 80% Loan to Value | 20% Down Payment
FOUR (4) Years up to Maximum 90% Loan to Value | 10% Down Payment – Subject to Private Mortgage Insurance underwriting guidelines.
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 660 credit score
Fannie Mae has reduced waiting periods in cases of extenuating circumstances – The death of a primary wage earner seems to be the only one I have been able to identify up to this point.
You should begin with a credit review, at least six (6) months before you are ready to buy again.
Quite often there are things left over on your credit report that can delay your ability to qualify.
With a little head start and good advice, we can get your credit in line to qualify for financing and be ready to buy again.
