How Long Do I Have to Wait Before We Can Buy Again?

>The question concerning people who’ve had a foreclosure, short sale or bankruptcy is when they will be able to qualify for a mortgage loan.  It takes different amounts of time to heal credit scores based on the event.


The following chart is meant to be a general guide for how long a person might have to wait.  During this waiting period, it’s important that the person be current on all payments and maintains a history of good credit.


























































 



FHA



VA



USDA



FNMA/Freddie Mac



Jumbo



Foreclosure



3 years



2 years



3 years



7 years



7 years



Deed-in-Lieu of Foreclosure



3 years



2 years



3 years



2 years

<80%



4 years

81-90%



7 years

> 90%



7 years



Short Sale



3 years



2 years



3 years



2 years

<80%



7 years

81-90%



7 years

> 90%



7 years



Chapter 7 Bankruptcy



2 years



2 years



3 years



4 years



7 years



Chapter 13 Bankruptcy



1 year



1 year



1 year



2 years



7 years



A recommended lender can give you specific information regarding your individual situation and can make suggestions that will improve your ability to qualify for a mortgage.  We want to be your personal source of real estate information and we’re committed to helping from purchase to sale and all the years in between.

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