How Soon Can You Buy Your Next Home?

28 Sep

Timelines for FHA, VA and Conventional Loans after Short Sale and Foreclosure

Federal Housing Administration (FHA)
• Foreclosure is 3 years
• Deed-in-Lieu is 3 years
• Short Sale is 3 years (NOTE: No seasoning if no late
pays in previous 12 months, proceeds serve as payment
in full and not buying a similar or superior property
within reasonable commuting distance)
• Bankruptcy (Chapter 7) is 2 years
(Chapter 13) is 1 year

Conventional Conforming (FNMA/FHLMC)
• Foreclosure is 7 years
• Deed-in-Lieu is 2 years (80% max LTV, 4 years
if 90% LTV or 7 years if max allowable LTV)
• Short Sale is 2 years (80% max LTV, 4 years if
90% LTV or 7 years if max allowable LTV)
• Bankruptcy (Chapter 7) is 4 years
(Chapter 13) is 2 years

Veterans Administration (VA)
• Foreclosure is 2 years
• Deed-in-Lieu is 2 years
• Short Sale is 2 years
• Bankruptcy (Chapter 7) is 2 years
(Chapter 13) is 1 year

Conventional Non-Conforming (JUMBO)
• Foreclosure is 7 years
• Deed-in-Lieu is 7 years
• Short Sale is 7 years
• Bankruptcy is 7 years

The Mortgage Forgiveness Debt Relief act Expires December 31 2012

How will this affect you?

Contact TODAY at 602-361-9292 or azdesertliving@hotmail.com to see if starting a SHORT SALE NOW….could be the best OPTION for you!

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

w

Connecting to %s

%d bloggers like this: