The question concerning people who’ve had a foreclosure, short sale or bankruptcy is when they will be able to 
qualify for a mortgage loan. It takes different amounts of time to heal credit scores based on the event.
The following chart is meant to be a general guide for how long a person might have to wait. During this waiting period, it’s important that the person be current on all payments and maintains a history of good credit.
|
|
FHA |
VA |
USDA |
FNMA/Freddie Mac |
Jumbo |
||
|
Foreclosure |
3 years |
2 years |
3 years |
7 years |
7 years |
||
|
Deed-in-Lieu of Foreclosure |
3 years |
2 years |
3 years |
2 years |
4 years |
7 years |
7 years |
|
Short Sale |
3 years |
2 years |
3 years |
2 years |
7 years |
7 years |
7 years |
|
Chapter 7 Bankruptcy |
2 years |
2 years |
3 years |
4 years |
7 years |
||
|
Chapter 13 Bankruptcy |
1 year |
1 year |
1 year |
2 years |
7 years |
A recommended lender can give you specific information regarding your individual situation and can make suggestions that will improve your ability to qualify for a mortgage. I want to be your personal source of real estate information and am committed to helping from purchase to sale and all the years in between.
If you have any questions, please feel free to contact me at (928) 208-9827, toll-free (877) LORI-DEE, or email Lori@LoriDee.com.
Lori Dee Doerfler, Associate Broker
RE/MAX Prestige Properties
(928) 208-9827 Mobile/Direct
www.LoriDee.com
"Serving the Lake Havasu City Community”
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