Real Estate News & Info
How Long Before I Can Qualify Again to Buy a House?
http://www.prescottenews.com/components/com_jce/editor/tiny_mce/plugins/article/img/readmore.png); color: rgb(0, 0, 0); font-family: 'Segoe UI', Tahoma, Arial, Helvetica, sans-serif; text-align: -webkit-auto; ">
After listening to the President's speech on Tuesday, it reminded me of the many people who do not know the waiting periods for applying for a home loan, so I felt this would be a good time to go over this.
Please call your own lender to make sure there have been no changes because we, as realtors, don't always have the current or latest information. Good luck to all of you! I do hope your waiting period is now or soon.
Here's what we'll look at:
- Bankruptcy Chapter 7
- Bankruptcy Chapter 13
- Short Sale
We'll cover Conventional, FHA and VA loans. When reading the following, LTV means Loan to Value.
Bankruptcy - Chapter 7
Conventional – 4 years from discharge; 2 years extenuating circumstances
FHA – 2 years from discharge
VA - 2 years from discharge date
Bankruptcy - Chapter 13
CONVENTIONAL – 2 years from discharge date; 4 years—dismissal date
FHA – 1 year satisfactory payments and trustee approval.
VA – 1 year satisfactory payments and court approval.
CONVENTIONAL - 2 years with max 80% LTV; 4 years with max 90% LTV; 7 years – max LTV
FHA – 3 years from completion date; 1 day: no lates.
VA – No specific guides from VA, treat as Foreclosure 2 years.
CONVENTIONAL – 7 years from completion date; 3 years extenuating circumstances; 1 day – 25% down.
FHA – 3 years from completion date.
VA – 2 YEARS FROM COMPLETION.
CONVENTIONAL - 2 years with max 80% LTV; 4 years with max 90% LTV; 7 years – max LTV.
FHA – 3 years from completion date
VA – 2 years
I hope this will help most people understand the waiting periods. Please pass this information on to anyone that you are aware of needing the information.
Most important, please call your local lender as much of this is subject to change without warning.
Good luck! Good Buying! I do hope this was helpful to you. If you need a name or telephone number of a couple of knowledgeable lenders, please feel free to call me, Lee at 928 533-4455.
If you have any real estate questions about buying and selling, feel free to call. It may save you time and money! And finally, here are two of my favorite sayings:
"Experience Isn't Expensive, It's Priceless!"
"Selling A Home Is Easy, Doing It Right Is The Key!"
Lee Amble, Realtor/Consultant
NATIONAL REALTY OF PRESCOTT
Lee's cell: 928 533-4455
Jan's cell: 928 533-4488
Many honest people use Craigslist, but it's wise to approach offers with caution.