“WAIT” time to qualify again

 

As I talk to more and more homeowners everyday that have either foreclosed, claimed bankruptcy, or are willing to short sell, there is always a common question I get; How long do we have to wait till we can purchase again? Well its more than just time, it’s based on your other expenses, credit and other circumstances that you are dealing with at the time. As for being able to even consider getting a loan, we put together a graph for you to take a look at that should be able to help you understand the “WAIT” time after you short sold, foreclosed, or claimed bankruptcy.

I hope this answers questions and makes you have new ones! For your buying, selling, and investing needs…or for a no cost, confidential meeting to discuss your current real estate situation Call me today! 

BANKRUPTCY Chapter 7

VA: 3 years

VA Jumbo: 7 years

FHA: 2 years

FHA Jumbo: 7 years

Conventional Conforming: 5 years

Conventional Jumbo: 5 years

 

BANKRUPTCY Chapter 13

VA: 3 years

VA Jumbo: 7 years

FHA: 2 years

FHA Jumbo: 7 years

Conventional Conforming: 4 years

Conventional Jumbo: 4 years

 

SHORT SALE

VA: 3 years

VA Jumbo: 7 years

FHA: 2 years

FHA Jumbo: 7 years

Conventional Conforming: 5 years

Conventional Jumbo: 5 year

 

FORECLOSURE

VA: 4 years

VA Jumbo: 7 years

FHA: 4 years

FHA Jumbo: 7 years

Conventional Conforming: 5 years

Conventional Jumbo: 5 years

Advertisement