FHA, VA, and Conventional Loans ... The Waiting Periods

Reblogger Kona Home Team (luva llc) Lance Owens (RS)
Real Estate Agent with Kona Home Team (luva llc) RS 62947
https://activerain.com/droplet/4CFL

Clients are always asking me, how long do I have to wait before I can buy a home, if I had a short sale or foreclosure? Even works with a bankruptcy, take a minute to read the article below, then let me help you find the home the works for you.  

 

FHA, VA, and Conventional Loans ...
The Waiting Periods
 
 
     There is a phenomenon at play in the American Home Buying marketplace currently.  Former homeowners that suffered financial catastrophe during the housing crisis (often referred to as "Boomerang Buyers") are asking ... 
   

   

     "How long after my Bankruptcy, Short Sale, or Foreclosure must I wait to buy another home?" 
 
     While it's difficult to summarize ALL scenarios in just one article, the following is a breakdown of the "typical" waiting periods in play following major credit events:
 
    
Conventional 
 
     Bankruptcy (Chapter 7)
     * 4 years after Discharge Date
 
     Short Sale
     * 4 years after Sale Date/Closing
 
     Foreclosure
     * 7 years after Sheriff's Sale Date
 
FHA
 
     Bankruptcy (Chapter 7)
     * 2 years after Discharge Date
     * 1 year for Chapter 13 
 
     Short Sale
     * 3 years after Sale Date/Closing
 
     Foreclosure
     * 3 years after Sheriff's Sale Date
 
VA
 
     Bankruptcy
     * 2 years after Discharge Date
     * 1 year for Chapter 13 
 
     Short Sale
     *  2 years after Sale Date/Closing
 
     Foreclosure
     *  2 years after Sheriff's Sale Date
 
     
     The above are the Standard Guidelines issued by the Agencies that most Lenders comply with.  There are exceptions to these waiting periods, but qualifying "extenuating circumstances" must be involved in each of these options.
 
     Please Note:  If certain financial hardships are found and met, there are cases where these waiting periods can be shortened or moved-up.  
 
     Since every situation and scenario is unique to the individual, it's best to seek my advice regarding your personal situation.  We'll get the info and answers that address your specific needs. 
 
     During our conversation, be prepared to provide authorization to:
 
  • Pull Credit Report(s)
  • Identify the Property Address involved in the previous sale
  • Provide written documentation for events leading to the problems experienced. That documentation can include:

            *  Tax Returns

            *  W-2's               

             Pay Stubs
            *  Letters of Explanation (LOE)
            *  Job Loss
            *  Medical Reports
            *  Lay-off Notices
            *  And Etc. 
 
     Given current favorable Interest Rates and the rising rental costs/affordable housing prices still being seen in many housing markets, it's a great time for you to inquire about the options available for purchasing a home.  Don't let this opportunity pass you by.
 
     At minimum, we'll gain the FACTS regarding your personal financial scenario, provide you the assistance needed, and get you on the path towards a home purchase in the future ...
 
 
 
 
     *  Did you suffer a Chicagoland Bankruptcy, Short Sale, or Foreclosure during the recent housing downturn?  Do you hope to buy a home again in the near future?  
     Contact Me today to discover what your home buying options are and obtain the assistance you need:
 
Gene Mundt, Mortgage Lender
Direct:  815.524.2280
Cell/Text:  708.921.6331
eFax:  815.524.2281

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Gene Mundt

Regional Manager - Mortgage Lender

American Portfolio Mortgage Corp.

                                                                    Personal NMLS #216987

NMLS # 175656

 

Gene Mundt, Mortgage Lender, a Lender with 37 years of #mortgage experience, will offer you exemplary mortgage service and advice when seeking:  #Conventional, #FHA, #VA, #Jumbo, #USDA, and Portfolio Loans in #Chicago and the greater Chicagoland region, including:  The #Lincoln-Way Area, #Will County, (#New Lenox, #Frankfort, #Mokena, #Manhattan, #Joliet, #Shorewood, #Crest Hill, #Plainfield, #Bolingbrook, #Romeoville, #Naperville, #Wilmington, #Peotone, etc.), #DuPage County, the City of Chicago, #Cook County, and elsewhere within IL. 

Gene Mundt, Mortgage Lender can be contacted at: 

815.524.2280 or via his email: gmundt@goapmc.com.

Contact Gene Mundt, Mortgage Lender soon!

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This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Lending / Financial
Tags:
foreclosures
short sales
hawaii
back in the market again
how soon can i buy a house after a short sale

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Rainmaker
1,143,971
David Shamansky
US Mortgages - David Shamansky - Highlands Ranch, CO
Creative, Aggressive & 560 FICO - OK, Colorado Mtg

Hey Lance good reblog and you can always count on Gene to deliver good and accurate content

Apr 30, 2015 11:43 AM #1
Rainmaker
392,924
Kona Home Team (luva llc) Lance Owens (RS)
Kona Home Team (luva llc) - Kailua-Kona, HI
Getting transactions done, when nobody else can!

David Shamansky  thank you, hopefully it can help some clients out

Apr 30, 2015 11:44 AM #2
Rainmaker
384,944
Trumps Elite
Keller Williams Realty Acadiana - Lafayette, LA
Realtors/Career Consultant

Lance, thanks for the reblog. I missed it the first time. It is certainly great information. 

Apr 30, 2015 12:55 PM #3
Rainmaker
1,259,400
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

 Lance Owens (RS) ... thank you so much for sharing the info contained within my post.  It's greatly appreciated .. and I hope it proves helpful to many.  And gets them contacting agents and lenders to take action in the near future ...

Gene

May 01, 2015 06:30 AM #4
Rainmaker
392,924
Kona Home Team (luva llc) Lance Owens (RS)
Kona Home Team (luva llc) - Kailua-Kona, HI
Getting transactions done, when nobody else can!

Aloha and Mahalo Gene Mundt, Chicago-area Mortgage Lender - www.genemundt.com   for putting together such a great blog, you have some very lucky clients, I wish you were in my neck of the woods, or "Palm Trees" I should say. I would definitely send you business

May 01, 2015 06:44 AM #5
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Rainmaker
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Kona Home Team (luva llc) Lance Owens (RS)

Getting transactions done, when nobody else can!
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