How long before I can buy a home after a foreclosure or short sale?

Conventional Loans
■Foreclosure – Currently the waiting period for purchasing a home after a foreclosure is 5 years. As of October 1st 2010 the waiting period will be extended to 7 years.

■Bankruptcy Chapter 7 or 11 = 4 years

■Bankruptcy Chapter 13 = 2 years from discharge date

■Multiple Bankruptcy Filings = 5 years if more than one filing in the last 7 years

■Deed in Lieu of Foreclosure, Preforeclosure Sale, Short Sale are dependent on the loan to value;

■After 2 years – Maximum loan to value of 80%
■After 4 years – Maximum loan to value of 90%
■After 7 years – Back to “normal”

Hope you find this useful.

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