Here are the 2011 mortgage guidelines for obtaining a conventional, FHA or VA home loan following a Foreclosure, Short Sale or Bankruptcy:
2011 Conventional Loan Programs:
· 7 year waiting period after a foreclosure
· 4 year waiting period after a bankruptcy
· 4 year waiting period after a short sale (Max 80% L TV)
· Credit must be re-established with a minimum 660 FICO
2011 FHA Loan Programs:
· 3 year waiting period after a foreclosure
· 2 year waiting period after a bankruptcy
· 3 year waiting period after a short sale
· Credit must be re-established with a minimum 640 FICO
2011 VA Loan Programs:
· 2 year waiting period after a foreclosure
· 2 year after a short sale, unless it was a VA loan then restrictions apply
· 2 years after a bankruptcy
· Credit must be re-established with a minimum 620 FICO
Ask your REALTOR®for a lender referral in your area. If you don't have a
REALTOR® in San Diego County, shoot me an email @ robert@robertsizer.com. I'll refer you to one of the outstanding lenders on our team for a new home purchase, refinance or consultation.
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