Can I Ever Get a Ft Lauderdale Mortgage With a Bankruptcy or Foreclosure?
As a Fort Lauderdale mortgage broker, one of the questions I receive most frequently is, "can I get another Ft Lauderdale mortgage if I have a foreclosure or bankruptcy on my credit report? I guess it's just a sign of the times, but an important question to many home owners.
I find it very interesting to hear the wide varience of opinion that home owners have about this issue. Many ask the question to know their options if they give up their current home, while others ask anywhere from a few months to a year after a foreclosure or bankruptcy.
There are a lot of misconceptions regarding the impact of a foreclosure or bankruptcy when trying to get a new Fort Lauderdale mortgage. Those misconceptions range from being able to get a new Ft Lauderdale mortgage right away, to never being able to get a mortgage again in your lifetime.
The good news is a potential home buyer can get a Fort Lauderdale mortgage again after bankruptcy or foreclosure. The newest guidelines are different for a FHA Ft Lauderdale mortgage and a Fannie Mae Conventional Fort Lauderdale mortgage. Consult your professional Fort Lauderdale mortgage broker regarding your individual situation.
An FHA Fort Lauderdale mortgage requires a borrower to be at least 3 years past a foreclosure, while a bankruptcy requires 2 years from the discharge date. There are some short-sale exceptions being made that require extenuating circumstances to be documented and the payments on the mortgage must have been paid on time for the 12 months prior to the short-sale. In these cases, it's even possible to get another Fort Lauderdale mortgage right away, if planned properly with your professional Fort Lauderdale mortgage broker.
A Conventional Fannie Mae Ft Lauderdale mortgage requires a 4 year waiting period for bankruptcy or foreclosure. Fannie Mae is coming out with a new release of it's Automated Underwriting System the weekend of June 19th that will continue to enforce the 4 year waiting period, but may grant some 2 year extenuating circumstance relief for short-sales.
If you're an unfortunate victim of the current fiancial and housing crisis, it will be possible to get a Fort Lauderdale mortgage again in the future. The key will be time and your ability to re-establish and maintain your future credit.
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