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When you go through a bankruptcy, short sale, or foreclosure, getting back into a home can be pretty tough. The good news is that there are a lot of different lending options out there for you and depending on which option you go with will determine how soon you can purchase a home after such an event.
As far as bankruptcies go, you can qualify to purchase a new home via FHA or VA financing after only a 2 year discharge. For conventional financing, you will have to wait 4 years
For foreclosures, you can't get an FHA loan until 3 years after, a VA loan 2 years after, and for conventional loans, you may have to wait anywhere from 3-7 years to qualify again.
With short sales, there are a few nuances there. With FHA and VA loans, you can actually buy a home immediately after foreclosure if you were current on all your payments and it was reported as paid in full on your credit report. If not, you are looking at a 2-3 year waiting period. For conventional, the wait is 4 years.
Check out these figures in the attached chart below. As you can see, there are a lot of options out there as far as loan programs go.
If you would like to discuss these figures, or anything else real estate related, please give us a call. We'd be glad to share our thoughts with you or somebody you know about this topic!
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