ALERT!!!! THE FHA JUST RELEASED NEW GUIDLINES FOR BORROWERS WHO HAVE EXPERIENCED AN “ECONOMIC EVENT”… such as; Job Loss, Foreclosure, ShortSale or Bankruptcy. FHA recognizes the hardships borrowers have faced and the effect on their credit histories. *Borrowers’ who have experienced periods of financial difficulty due to extenuating circumstances, and providing documentation, Can Qualify Again!

CONTACT US TO FIND OUT IF YOU QUALIFY   

 

Below you will find information about how long you may have to wait to buy again after short sale, foreclosure, or bankruptcy. Your timing can be crucial when attempting to buy another home and there are always exceptions to the rule. Please contact us today and we can get you the information you need to move forward.

Conventional Loans:

7 years from the date foreclosure completed and trustee sale recorded.

FHA Loans:

3 years from the date foreclosure completed and trustee sale recorded. * Less than 3 years but after 12 months of completed foreclosure date acceptable in the result of extenuating circumstances.

Conventional Loans:

7 years from date of sale for max loan-to-value eligibility. 4 years from date of sale with 10% down. 2 years from date of sale with 20% down.

FHA Loans:

3 years from date of sale. * Less than 3 years but after 12 months of completed short sale date acceptable in the result of extenuating circumstances.

Conventional Loans:

4 years from discharge date.

FHA Loans:

2 years from discharge date. * Less than 2 years but after 12 months of discharge date acceptable in the result of extenuating circumstances.

Conventional Loans:

2 years from discharge date.

FHA Loans:

1 year payout period under bankruptcy has elapsed and payment performance is satisfactory.

 

* The Tobias Team at Fairway Independent Mortgage Corporation routinely reviews loans that may not meet all formal guidelines but borrowers have had extenuating circumstance that caused the derogatory item in their history.  In working with your Tobias Team loan officer and providing all pertinent documentation could allow a possible exception.   We are always happy to answer any questions you may have.  Please call 480.626.2202.

 

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