Haymarket VA Homes for Sale - Fannie Mae AND FHA/VA credit guides for Buyers with Bankruptcy Foreclosures or Short Sales

Haymarket VA Homes for Sale -  Fannie Mae AND FHA/VA credit guides for Buyers with Bankruptcy Foreclosures or Short Sales

As a Realtor I frequently get asked this question given the current economy.  So I thought I would post the current guidelines.  Now more than ever, it is important to know this.  When can a buyer with Bankruptcy Foreclosure or a Short Sale history buy again?  

CHAPTER 7 BANKRUPTCY:    Fannie Mae 4 Year period from discharge or dismissal date

                                        FHA/VA - 2 Years

 CHAPTER 13 BANKRUPTCY:  Fannie Mae 2 Years from discharge date or 4 years from dismissal date

                                         FHA - 1 Year With Perfect Payment History                                     

More than one Bankruptcy - FANNIE MAE 5 YEAR from recent dismissal or discharge date  

Foreclosure - FANNIE MAE 5 years from completion date - May have LTV restrictions between 5 to 7 years                    

                    FHA - 3 YEARS,  VA - 2 YEARS              

Short Sales (pre-foreclosure) - 2 years from completion date    

Deferred student loans - must count debt regardless how long deferred  

Property recently listed for sale - Property must be off of the market prior to application date. If listed within the past six months, max. 70% LTV for cash out refinance. Explanation letter from borrower and they must also state that this property will remain their primary residence OR second hone. If occupancy is confirmed, can do max. financing for rate/term.

Linda Coffey, Realtor®
Long & Foster Realtors

7526 Limestone Drive
Gainesville, VA  20155

Licensed in the Commonwealth of Virginia

(703) 973-2676

LCoffey@LNF.com

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