Waiting Period Requirements to Buy Again

By
Real Estate Agent with TIM LORENZ - Elite Home Sales Team DRE# 00919781

Waiting Period Requirements to Buy Again

  

The waiting periods in order to qualify for a home loan after a foreclosure, deed-in-lieu, short sale and bankruptcy varies both by the government agency purchasing or insuring the loan as well as the dollar amount of the loan.

  

Federal Housing Administration (FHA)

 

1)     Foreclosure is 3 years

2)    Deed-in Lieu is 3 years

3)    Short Sale is 3 years

4)    Bankruptcy is 2 years

Veterans Administration (VA)

 

1)    Foreclosure is 2 years

2)    Deed-in Lieu is 2 years

3)    Short Sale is 2 years

4)    Bankruptcy is 2 years

Conventional Conforming (FNMA/FHLMC)

 

1)    Foreclosure is 7 years

2)    Deed-in-Lieu is 4 years < 80% LTV and 5 years > 80% LTV for primary residences. 7 years for second homes and investment properties regardless of LTV.

3)    Short Sales is 2 years < 80% LTV and 5 years > 80% LTV and 7 years > 90% LTV

4)    Bankruptcy is 4 years

Conventional Non-Conforming (JUMBO)

 

1)    Foreclosure is 7 years

2)    Deed-in-Lieu is 7 years

3)    Short Sale is 7 years

4)    Bankruptcy is 7 years

close

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Rainer
8,036
Nicole Arsenault
Huntsville Houses For Sale (Level 10 Realty) - Huntsville, AL
Huntsville, AL Real Estate

Great concise list!  Thanks.

Jan 31, 2011 05:48 PM #1
Rainmaker
216,893
Christine McDaniel
Coldwell Banker Residential Brokerage Porter Co. - Crown Point, IN
Broker Associate

Great reminder,  I am surprised at how short the time  periods are!

Jan 31, 2011 05:49 PM #2
Rainmaker
1,025,003
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

Nicole thanks for dropping by.

 

Feb 01, 2011 01:20 AM #3
Rainmaker
1,025,003
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

Christine

I think the time periods will become shorter when the economy is better.

Feb 01, 2011 01:21 AM #4
Rainmaker
1,229,996
Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

Good stats, Tim.  I will bookmark for future reference.  Love the photos of sunny CA--much nicer than the snow pictures we have in the northeast.  Enjoy.

Feb 02, 2011 01:25 AM #5
Rainmaker
1,025,003
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

Thank you for stopping by.

Feb 02, 2011 03:07 AM #6
Rainmaker
1,036,703
Kathy Clulow
RE/MAX All-Stars Realty Inc. Brokerage - Uxbridge, ON
Trusted For Experience - Respected For Results

Tim -I find the differences very interesting ..... I am sure that had they know many would have weighed this factor in when choosing what type of financing to arrange when they purchased a few years back.

Feb 05, 2011 03:39 AM #7
Anonymous
Anonymous

Always good to know, thanks for thie great info!

Feb 10, 2011 08:59 AM #8
Rainmaker
1,025,003
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

It is truely an interesting chart as you said Kathy.

Feb 10, 2011 10:19 AM #9
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Rainmaker
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