If you’re one of the unfortunate millions of home owners who lost their home in a foreclosure, short sale, bankruptcy or gave a deed-in-lieu to avoid the following you likely have wondered how long you’ll have to wait to buy a home now that your credit is scarred. The current lending guidelines are below.
If you recently experienced any of these events you still have options for buying a home, you just won’t be able to use bank financing. To buy a home without using banks you’ll need to look for Sellers who are willing to Owner Finance or sell using a Lease Option. There is a great company in Roanoke, VA that specializes in these types of transactions that can help you get into a new home today and close when you’ve restored your credit and can qualify for bank financing. Visit www.REsolutionsVA.com for more details.
| Loan Type |
Foreclosure |
Short Sale / Deed-in-Lieu |
Chapter 7 Bankruptcy |
Chapter 13 Bankruptcy |
| Freddie Mac |
7 years from the date of completion |
4 years from date of completion of short sale. 4 years for deed-in-lieu. 4 to 7 years to maximum 90% LTV purchase and refinance of primary residence only |
4 years from date of dismissal or discharge |
2 years from date of discharge |
| Fannie Mae |
7 years from the date of completion |
2 years to maximum 80% LTV, 4 years to maximum 90% LTV, 7 years to any LTV |
4 years from date of dismissal or discharge |
2years from date of discharge, 4 years from date of dismissal |
| FHA |
2 years from date of completion |
2 years from date of discharge |
2 years from date of discharge |
1 year of payout must elapse and payment performance must be satisfactory: buyer may enter into a mortgage only with permission from the court |
| VA |
2 years from date of discharge |
2 years from date of completion |
2 years from date of discharge |
1 year of payout must elapse and payment performance must be satisfactory: buyer may enter into a mortgage only with permission from the court |
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www.PortfolioPropertiesRE.com |
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