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The Road Back to Homeownership

Have you been wondering how long it takes to buy again? Are you thinking about buying again after a Short Sale, Foreclosure or Bankruptcy? Well here is some info that might help get you started. Call us today and lets find out how soon you can buy again.

CONVENTIONAL LOANS
Foreclosure
Home was given back to the bank — No owner participation
• 7 Years from date of foreclosure completed and transferred back to bank
• 3 Years from date of foreclosure completed and transferred back to bank with
acceptable extenuating circumstances and 10% down payment. Primary home purchase
and rate/term refinance only. Investment and second homes not allowed.

Short Sale, Deed in Lieu of Foreclosure
Short Sale: Homes sold but sales price didn’t cover amount owed
Deed in Lieu: Home returned to lender in exchange for canceling loan
• 4 Years from date sale closed and transferred to new owner or transferred back to bank
with 5% down payment
• 2 Years from date sale closed and transferred to new owner or transferred back to the
bank possible with acceptable extenuating circumstances and 5% down payment.

Bankruptcy Chapter 7
Debts are discharged through BK — Client does not pay any debts owing.
• 4 years from discharge date
• 2 years from discharge date possible with acceptable extenuating circumstances

Bankruptcy Chapter 13
Debts are paid back on a monthly scheduled payment plan by client.
• 2 years from discharged date
• 4 years from dismissal date.

FHA LOANS
Foreclosure, Deed in lieu of Foreclosure
Foreclosure: Home was given back to the bank — No owner participation
Deed in Lieu: Home returned to lender in exchange for canceling loan
• 3 Years from the date the foreclosure completed and transferred back to the bank OR
the date the claim was paid to FHA, whichever is later
• Less than 2 Years, but not less than 12 months from date foreclosure completed and
transferred back to bank may be acceptable if the result of acceptable extenuating
circumstances
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Short Sale
Home sold but sales price didn’t cover amount owed
• 3 Years from date sale closed and transferred to new owner
• No waiting period if borrower had no late payments on any mortgages and consumer debts within the
12 month period preceding the short sale AND they are not taking advantage of declining market conditions

Bankruptcy Chapter 7
Debts are discharged through BK, client does not pay any debts owing
• 2 years from date of discharge with re-established credit paid as agreed or no new credit
obligations incurred
• Less than 2 years, but not less than 12 months from date of discharge may be acceptable if the bankruptcy was caused by acceptable extenuating circumstances and borrower has since exhibited a documented ability to manage financial affairs in a responsible manner

Bankruptcy Chapter 13
Debts are paid back on a monthly scheduled payment plan by client.
• 1 year payout period under bankruptcy has elapsed and the borrower’s payment performance has been satisfactory and all required payments made on time

VA LOANS
Foreclosure, Deed in lieu of Foreclosure
Foreclosure: Home was given back to the bank — No owner participation
Deed in Lieu: Home returned to lender in exchange for canceling loan
• 2 Years from the date the foreclosure completed and transferred back to the bank OR the date the claim was paid to VA, whichever is later
• 12 – 23 months from date foreclosure completed and transferred back to bank if
credit re-established and paid as agreed and was caused by acceptable extenuating circumstances

Short Sale
Short Sale: Home sold but sales price didn’t cover amount owed
• 2 years from date sale closed and transferred to new owner
• No waiting period if borrower had no late payments on any mortgages and consumer debts within the
12 month period preceding the short sale AND they are not taking advantage of declining market conditions

Bankruptcy Chapter 7
Debts are discharged through BK, client does not pay any debts owing
• 2 years from discharge date with re-established credit paid as agreed or no new credit
obligations incurred
• 12-23 months from date of discharge if credit re-established and paid as agreed and was caused
by acceptable extenuating circumstances

Bankruptcy Chapter 13
Debts are paid back on a monthly scheduled payment plan by client.
• 1 Year payout period under bankruptcy has elapsed and the borrowers payment
performance has been satisfactory and all required payments made on time

We are here to assist you with your real estate needs and inquire about lending programs available.
If you want to know whether you can buy a home after any of these financial situations, we have experts to help you find out. Call us today!

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