Greg Cowart on Zillow
Greg Cowart - Mortgage Broker or Lender at The Securus Group
Greg Cowart - Roseville Loan Guy

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The big question????

The big question these days, the one people in my profession get on a near daily basis, what is it? 

roseville short sale foreclosureIf you answered anything with a “how long after”, you’re probably right. The question we hear almost every day is asking how long after a foreclosure, short sale, bankruptcy, or deed-in-liu, etc, can someone be qualified to buy another house, and the question is becoming more common as people with legitimate issues that lost their home or filed BK in 2007-2009 are wanting to take advantage of today’s real estate opportunities and historically low interest rates. The good news is; a lot of them already can. 

The thing is, there isn’t just one answer. There are many answers that depend on factors like; how did one lose their home (foreclosure or short sale, ect), what have they done since then, and what kind of loan are they looking for now? The answers to these questions can make a big difference. I’ll try and break it down and make it as simple as possible for everyone below… 

Conventional

  •      2 Years after short sale, pre-foreclosure sale, or deed in liu with a 20% down payment on the new home
  •      4 Years after short sale, pre-foreclosure sale, or deed in liu with a 10% down payment on the new home
  •      7 Years after foreclosure in most other circumstances
  •      4 Years after Bankruptcy, regardless of if it is a Chapter 7 or 13 

FHA 

  •      3 Years after Foreclosure (after the actual deed transfer date)
  •      3 Years after short sale or pre-foreclosure sale
  •      1 Year into a Chapter 13 bankruptcy (there is actually no waiting period after a CH13, only that 12 on-time payments to the trustee have been made, can be verified, and the purchase is approved by the court)
  •      2 Years after Chapter 7 bankruptcy has been discharged 

VA 

  •      2 Years for all, foreclosure, short sale, or bankruptcy 

(There are a few exceptions to these rules, call me with any specific scenarios)

Of course all of these loans would require reestablishing credit and qualifying for the loan program applied for, these are just the general timelines. Please give me a call if you have any questions… 

Greg
Your Roseville Loan Guy

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