How Long Before I Can Purchase Another Home?
February 28, 2012
Lenders have put out some guidelines for prospective home buyers who have had their credit dinged during this recession by foreclosures, short sales or bankruptcies. Remember that these are just guidelines and that some lenders may still want to wait until a prospective borrower has sufficiently rebuilt a credit score. Paying bills on time and not running up debt on credit cards will always be helpful.
Here are the guidelines:
FHA loan
Chapter 7 Bankruptcy - 2 years Deed in Lieu - 3 years
Chapter 13 Bankruptcy - 12 months Short Sale - 3 years
Foreclosure - 3 years
Conventional Loan
Chapter 7 Bankruptcy - 4 years Deed in Lieu - 7 years
Chapter 13 - 4 years Short Sale - 2-7 years (based on loan to value)
Foreclosure - 4-7 years (based on loan to value)
VA
Chapter 7 Bankruptcy - 2 years Deed in Lieu - 3 years
Chapter 13 Bankruptcy - 12 months Short Sale - 3 years
Foreclosure - 3 years
Lenders have put out some guidelines for prospective home buyers who have had their credit dinged during this recession by foreclosures, short sales or bankruptcies. Remember that these are just guidelines and that some lenders may still want to wait until a prospective borrower has sufficiently rebuilt a credit score. Paying bills on time and not running up debt on credit cards will always be helpful.
Here are the guidelines:
FHA loan
Chapter 7 Bankruptcy - 2 years Deed in Lieu - 3 years
Chapter 13 Bankruptcy - 12 months Short Sale - 3 years
Foreclosure - 3 years
Conventional Loan
Chapter 7 Bankruptcy - 4 years Deed in Lieu - 7 years
Chapter 13 - 4 years Short Sale - 2-7 years (based on loan to value)
Foreclosure - 4-7 years (based on loan to value)
VA
Chapter 7 Bankruptcy - 2 years Deed in Lieu - 3 years
Chapter 13 Bankruptcy - 12 months Short Sale - 3 years
Foreclosure - 3 years
posted by shirley harry at 8:56 AM
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