Foreclosures, Short Sales, Bankruptcies & CCCS...

By
Mortgage and Lending with 1st Mariner Bank NMLS# 1119449

Clients often ask about foreclosures, short sales, bankruptcies and consumer credit counseling.

"When can I get a loan having filed one of those?"

The answer is: IT DEPENDS. It depends on the loan program you are trying to qualify for. See the chart below to get an idea of the time frame you have to wait... 

Also keep in mind this is just a reference and each client's scenario is different. Sometimes the lenders will accept less than the noted timeframe with "exceptions." Death in the family, dire illness, loss of job, are some examples. 

 

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Topic:
Home Buying
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Mortgage Solutions
Mortgage Bankers
Responsible Mortgage Lenders
Tags:
foreclosure fha va conventional usda bankrtupcy bankruptcies chapter 7 chapter 13 deed in lieu cccs consumer credit counseling

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Rainer
128,648
John Fauth
Coldwell Banker King Thompson - Grove City, OH
Turning your dreams into an address!

Great information thank you for posting! All ready copied and printed.

Sep 24, 2013 01:09 AM #1
Rainer
445,273
Dan Hopper
Dan Hopper - Gold Way RE - Westminster, CO
Denver Realtor / Author / Advocate/Short Sale

Thanks Diane, for posting this chart!  Gives a great breakdown of each finance program!  Now, a still know a lot of some lenders will still push out time frames based on their own business decisions.

Sep 24, 2013 01:15 AM #2
Rainer
12,745
Diane Marletto
1st Mariner Bank - Centreville, VA
FHA, VA, USDA, Conventional & 1st Time Buyer Loans

Very true Dan, great point!

These are the CORE guidelines so there will be a  lender will do it :) 

Sep 24, 2013 02:28 AM #3
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Rainer
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Diane Marletto

FHA, VA, USDA, Conventional & 1st Time Buyer Loans
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