Foreclosures are on the rise, negative equity is in full force and short sales are becoming increasingly popular.
In this ever changing real estate environment, it is important to know the CURRENT lending rules.
I have put together a chart reflecting the most recent Fannie Mae, FHA and VA Guidelines.
Quickly check the waiting period to purchase a home after Bankruptcy, Short Sale, Deed-In-Lieu, or Pre-Foreclosure.
Use the timeline as a Marketing Tool.
Mark your calendars to follow-up with your clients affected by one of the derogatory credit items.
The chart is intended as a quick reference guide.
Have questions? Drop me an email or give me a call. I would be happy to help!
QUICK TIP:
Borrowers' who filed Bankruptcy often have a Foreclosure.
Therefore they may be subject to 2 waiting periods. Contact me to today to find out if and when this rule applies.
|
|
Fannie Mae/Freddie Mac Conventional |
FHA |
VA |
|
Derogatory Event |
Waiting Period Requirements |
Waiting Period Requirements |
Waiting Period Requirements |
|
Foreclosure |
7 Years |
3 Years |
2 Years |
|
Ch7 Bankruptcy |
4 Years |
2 Years |
2 Years |
|
Ch13 Bankruptcy |
2 Years |
2 Years |
2 Years |
|
Short Sale Deed in Lieu Pre-Foreclosure |
2 Years 20% Down Payment 4 Years 10% Down Payment 7 Years 5% Down Payment |
2 Years |
2 Years |
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