Plano Home LoansOkay, its’ happened to you, or a friend, or a family member, or a client…Life got in the way and everything went to H-E-Double-Hockey-Sticks fast.  So now what?  You “lost” the house, couldn’t sell-afford-whatever.  Hopefully…hopefully, you received advice or figured it out that a Short Sale or Deed-in-Lieu was an easier road than a foreclosure.  So let’s move on – pick up the pieces – pull on the boots and figure this out.  How long does it take to buy a home after a short sale or foreclosure?  There are many variables and below are some general guidelines. Plano Home Loans.

All scenarios below assume the customer has re-established credit with good credit scores.

Plano Home Loan – Previous SHORT SALE with new FHA loan

  • Can purchase now with no mortgage default or late payments listed on credit report
  • 3 year wait if in default or late payments at time of short sale closing
  • Reduced wait time if borrower has re-established good credit and can show more qualifying circumstances (individual underwriter decision)
    • 2 year wait with 20% down
    • 4 year wait with 10% – 20% down
    • 7 year wait with less than 10% down
    • 2 year wait if able to document extenuating circumstances with more than 10% down
  • borrower must have re-established good credit and can show more qualifying circumstances (individual underwriter decision)

 Plano Home Loan – Previous SHORT SALE with new Fannie Mae purchase loan

  • 2 year wait period with 20% down
  • 4 year wait period with 10% – 20% down
  • 7 year wait period with less than 10% down
  • 2 year wait period if able to document extenuating circumstances with more than 10% down

Plano Home Loan – Previous SHORT SALE with new Freddie Mac purchase loan

  • 4 year wait with 10% down
  • 2 year wait if able to document extenuating circumstances with 10% down

Plano Home Loan – FORECLOSURE with new FHA loan

  • 4 year wait
  • 2 year wait if borrower has re-established credit and can document extenuating circumstances

Plano Home Loan – FORECLOSURE with new Fannie Mae loan

  • 7 year wait from completed foreclosure sale date
  • 3 year wait if borrower can document extenuating circumstances.  Additional underwriting requirements apply
  • 7 year wait for 2nd home, investment property, or cash-out refi

Plano Home Loan – FORECLOSURE with new Freddie Mac loan

  • 5 year wait from completed foreclosure sale date
  • 3 year wait if borrower has re-established credit and can document extenuating circumstances

**ALERT  “Extenuating Circumstances” are NOT applicable in most situations and is a judgment call for the underwriter, and rarely, if ever, granted.
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**Disclaimer – The above is the opinion of Warren Whitaker.  Everyone’s situation is different.  Contact your professional for specific advice.

7 Comments

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  4. cool presentation shared. keep it up.

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  7. Pingback: Take a Look at These 10 Mortgage Misconceptions | Plano Mortgage Guy

  8. Pingback: Buying a Home After a Short Sale or Foreclosure | Plano Mortgage … | What Is Short Sale Of A Home

  9. Nice to see buyers with recent foreclosure able to buy again.

  10. Pingback: Will A Short Sale Affect Your Ability To Buy Your Next Home? | Plano Mortgage Guy

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