2013 Is the Year to Buy a home or investment property in Fresno, CA

By H&H Real Estate Media in Blog.

 

A common question home buyers have today is: How long must I wait before obtaining financing after a short sale, foreclosure or bankruptcy? Below is an overview by loan type of this information.
 
FHA loans:
  • Foreclosure: 3 years from completion date
  • Short Sale: no restriction if the borrower was current at the time of the short sale and all payments were made OR 3 years after completion date if mortgage was in default at the time
  • Bankruptcy: CH 7 is 2 years from discharge date
  • Bankruptcy CH 13 is 1 year in repayment plan with court permission
VA:
  • Foreclosure: 2 years from completion date
  • Short Sale: 2 years from completion date
  • Bankruptcy: CH 7 is 2 years from discharge date
  • Bankruptcy CH 13 is 2 years from discharge date
Conventional Loans:
  • Foreclosure: 5-7 years from completion date
  • Short Sale: 2 years from completion date with 20% down payment
  • Bankruptcy: 2-4 years from discharge date 
Contact Sandy Moore for Real Estate:
 
Sandy Moore
Guarantee Real Estate
 

SHARE
FACEBOOK
TWITTER
LINKEDIN
GOOGLE
PINTEREST