A lot of people have been asking me the question, "How long does it take before I can qualify for a home loan again after having a foreclosure, short sale, or deed in lieu on my record?"
I wanted to take a quick moment to address that question in case it's a question that you yourself have been wanting to know the answer to, or perhaps you know someone that you feel would appreciate knowing this information.
Keep in mind that lending guidelines are changing daily, but at the moment, this is what we're looking at:
Time frame for being able to buy again after foregoing a….
SHORT SALE: CONVENTIONAL (80% or below) short sales require 2 years from the date of completion to be eligible for financing
FHA short sales require 3 years from the date of completion to be eligible for financing
VA short sales require 2 years from the date of completion to be eligible for financing
DEED IN LIEU: CONVENTIONAL requires 4 years
FHA requires 3 years
VA requires 2 years
FORECLOSURE: CONVENTIONAL requires 7 years
FHA requires 3 years
VA requires 2 years
I have lots of experience in successfully assisting sellers that are in distress (one of the many acronyms that I have behind my name, is the result of going through an extensive "Foreclosure Alternative Consultant" training course). If you or someone you care about are in need of my services, please don't hesitate to call me…I'm here to serve!