Buy Again After Bankruptcy Short Sale or Foreclosure? 2011- Waiting Guidelines - www.4Malibu.com
Okay, all, this is great information for anyone who has had the misfortune recently of having a foreclosure, short sale or bankruptcy. Thanks so much to Bobby Lehmkuhl for putting this valuable information together!
2011 FHA Waiting Guidelines
Bankruptcy – You may apply for a FHA insured loan after your bankruptcy has been discharged for TWO (2) years with a Chapter 7 Bankruptcy.You may apply for a FHA insured loan after your bankruptcy has been discharged for ONE (1) year with a Chapter 13 Bankruptcy
Foreclosure - You may apply for a FHA insured loan THREE (3) years after the sale/deed transfer date.
Short Sale / Notice of Default – You may apply for a FHA insured loan THREE (3) years after the sale date of your foreclosure. FHA treats a short sale the same as a Foreclosure for now. Credit must be re-established with a 640 minimum credit score.
2011 VA Waiting Guidelines
Bankruptcy - You may apply for a VA guaranteed loan TWO (2) years after a BankruptcyForeclosure - You may apply for a VA guaranteed loan TWO (2) years after a foreclosure
Short Sale - You may apply for a VA guaranteed loan TWO (2) after a short sale, unless it was a VA loan then restrictions apply
Credit must be re-established with a minimum 620 credit score2011 Conventional Waiting Guidelines (Fannie Mae)
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 / Notice of Default – Currently treated the same as a foreclosure with a waiting time of SEVEN (7) years before you can buy again using a Fannie Mae conventional home loan.
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.
Preparing to Buy Again after BK, Short Sale or Foreclosure
You should begin looking at your credit 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, you can get your credit in line, qualify for financing and buy again in the lowest priced real estate market that California has seen in years and years!
4 Malibu Real Estate Partners, Inc.
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23805 Stuart Ranch Rd., Suite 150, Malibu, CA 90265
O 310.456.3655 ׀ F 310.218.2117
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