Thankfully the 2007-2010 financial crisis is behind us and home values have come back to where they were or more in most areas. It IS possible to buy a home after a bankruptcy, short sale, or foreclosure. The guidelines have changed over the past couple of years to allow buyers, even with an adverse financial event, to purchase a home. They need to reestablish their credit and wait a determined period of time before qualifying.
The waiting period varies based on loan programs and the type of adverse financial event. The matrix below gives information that illustrates many of the most typical situations. I think it's quite generous.
*Additional requirements/wait times may apply for Jumbo loans.
If you live in the greater Puget Sound area, and would like to discuss your options with a mortgage professional, message or call/text me at 425-610-7202.
If you, or anyone you know is buying or selling a home, I'd be honored to represent you or your referral. Message or call/text me at 425-610-7202 to set up a free no obligation consultation.
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