FHA, VA, and Conventional Loans ... The Waiting Periods
This gives you a good, basic idea of how long you need to wait to buy a home again after a foreclosure, bankruptcy or short sale. If you had one of these events, you may be surprised that you don't have to wait for a really long time. Some people think that you have to wait 7 years after a bankruptcy or foreclosure and that is not so. If you rebuild your credit after one of these situations, you can possibly buy much sooner. You'll need to consult with a mortgage lender so they can look at your entire situation because mortgages are much more complicated now than in years past but it's so worth going through the process.
If you lost your home between 2007-2012/2013, let us know and we'll hook you up with a lender who can help get you qualified again. Rents around the Anne Arundel/Howard County areas are considerably higher than a comparable mortgage and you won't have to worry about dealing with a landlord!
FHA, VA, and Conventional Loans ...The Waiting PeriodsThere is a phenomenon at play in the American Home Buying marketplace currently. Former homeowners that suffered financial catastrophe during the housing crisis (often referred to as "Boomerang Buyers") are asking ...
"How long after my Bankruptcy, Short Sale, or Foreclosure must I wait to buy another home?"While it's difficult to summarize ALL scenarios in just one article, the following is a breakdown of the "typical" waiting periods in play following major credit events:ConventionalBankruptcy (Chapter 7)* 4 years after Discharge DateShort Sale* 4 years after Sale Date/ClosingForeclosure* 7 years after Sheriff's Sale DateFHABankruptcy (Chapter 7)* 2 years after Discharge Date* 1 year for Chapter 13Short Sale* 3 years after Sale Date/ClosingForeclosure* 3 years after Sheriff's Sale DateVABankruptcy* 2 years after Discharge Date* 1 year for Chapter 13Short Sale* 2 years after Sale Date/ClosingForeclosure* 2 years after Sheriff's Sale DateThe above are the Standard Guidelines issued by the Agencies that most Lenders comply with. There are exceptions to these waiting periods, but qualifying "extenuating circumstances" must be involved in each of these options.Please Note: If certain financial hardships are found and met, there are cases where these waiting periods can be shortened or moved-up.Since every situation and scenario is unique to the individual, it's best to seek my advice regarding your personal situation. We'll get the info and answers that address your specific needs.During our conversation, be prepared to provide authorization to:
- Pull Credit Report(s)
- Identify the Property Address involved in the previous sale
- Provide written documentation for events leading to the problems experienced. That documentation can include:
* Tax Returns
* W-2's
* Pay Stubs* Letters of Explanation (LOE)* Job Loss* Medical Reports* Lay-off Notices* And Etc.Given current favorable Interest Rates and the rising rental costs/affordable housing prices still being seen in many housing markets, it's a great time for you to inquire about the options available for purchasing a home. Don't let this opportunity pass you by.At minimum, we'll gain the FACTS regarding your personal financial scenario, provide you the assistance needed, and get you on the path towards a home purchase in the future ...* Did you suffer a Chicagoland Bankruptcy, Short Sale, or Foreclosure during the recent housing downturn? Do you hope to buy a home again in the near future?Contact Me today to discover what your home buying options are and obtain the assistance you need:Gene Mundt, Mortgage LenderDirect: 815.524.2280Cell/Text: 708.921.6331eFax: 815.524.2281
Gene Mundt
Regional Manager - Mortgage Lender
American Portfolio Mortgage Corp.
Personal NMLS #216987
NMLS # 175656
Gene Mundt, Mortgage Lender, a Lender with 37 years of #mortgage experience, will offer you exemplary mortgage service and advice when seeking: #Conventional, #FHA, #VA, #Jumbo, #USDA, and Portfolio Loans in #Chicago and the greater Chicagoland region, including: The #Lincoln-Way Area, #Will County, (#New Lenox, #Frankfort, #Mokena, #Manhattan, #Joliet, #Shorewood, #Crest Hill, #Plainfield, #Bolingbrook, #Romeoville, #Naperville, #Wilmington, #Peotone, etc.), #DuPage County, the City of Chicago, #Cook County, and elsewhere within IL.
Gene Mundt, Mortgage Lender can be contacted at:
815.524.2280 or via his email: gmundt@goapmc.com.
Contact Gene Mundt, Mortgage Lender soon!
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