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