How Long Do I Have To Wait To Buy A Home Again After a Short-Sale or Foreclosure?
This question comes up a lot in the economy we live in today. Let's face it- A lot of people are renting because of a short-sale or a foreclosure and want to get things back in order and buy a house eventually.
Here are the current requirements to buy after a short-sale, foreclosure and even bankruptcy:
Short sales and foreclosures are generally treated the same when evaluating credit.
The most lenient financing for borrowers who have had past credit problems is FHA.
FHA requires three years after a foreclosure and two years after a bankruptcy WITH re-established credit, no late payments and no further derogatory credit.
All loan are evaluated on a case-by-case basis but these are generally the requirements.
Conventional financing has longer time requirements, requires more down payment and possibly higher interest rates.
If you had a short-sale or foreclosure on your home and you are looking to get back into the market, the best thing to do is go to your local lender and see where you stand.
If you need a good lender in Colorado Springs, call Bev Dannatt, Peoples Mortgage 719-459-3860
If you are ready to get back into the market and would like an agent to talk to, give me a call today.
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