Waiting Period for Purchasing Home After Hardship

Waiting Period for Purchasing Home After Hardship

 

Waiting Period for Purchasing Home After Hardship

FHA

Foreclosure or Deed in  Lieu of Foreclosure

·        3 years from date foreclosure completed and transferred back to bank

·        Less than 2 years, but not less than 12 months from date foreclosure completed and transferred back to bank may be acceptable if the result of acceptable extenuating circumstances.

Short Sale

 ·       3 years from date sale closed and transferred to new owner.

·        No waiting period if borrower had no late payments on any mortgages and consumer debts within the 12 month period preceding the short sale AND they are not taking advantage of declining market conditions

Bankruptcy Chapter 7

·        2 years from date of discharge with re-established credit paid as agreed or no new credit obligations incurred.

·        Less than 2 years, but not less than 12 months from date of discharge may be acceptable if the bankruptcy was caused by acceptable extenuating circumstances1 and borrower has since exhibited a documented ability to manage financial affairs in a responsible manner.

Bankruptcy Chapter 13

·        1 year payout period under bankruptcy has elapsed and the borrower’s payment performance has been satisfactory and all required payments made on time.   Must have bankruptcy trustee's permission to purchase.

VA   

Foreclosure or Deed in  Lieu of Foreclosure

·        2 years from date foreclosure completed and transferred back to bank

·        12-23 months from date foreclosure completed and transferred back to bank if credit re-established and paid as agreed and was caused by acceptable extenuating circumstances2.

Short Sale

 ·       2 years from date sale closed and transferred to new owner.

·        No waiting period if borrower had no late payments on any mortgages and consumer debts within the 12 month period preceding the short sale AND they are not taking advantage of declining market conditions.

Bankruptcy Chapter 7

·        2 years from date of discharge

·        12-23 months from date of discharge if credit re-established and paid as agreed and was caused by acceptable extenuating circumstances2.

Bankruptcy Chapter 13

·        1 year payout period under bankruptcy has elapsed and the borrower’s payment performance has been satisfactory and all required payments made on time.  Must have bankruptcy trustee's permission to purchase. 

Conventional 

Foreclosure

·        4 years from date foreclosure competed and transferred back to bank if they had NO extenuating circumstances.

·        2 years from date foreclosure completed and transferred back to bank with acceptable extenuating circumstances.  Primary home purchase and rate/term refinance only. Non-owner and second homes not allowed.

Short Sale or Deed in  Lieu of Foreclosure

·        4 years from date sale closed and transferred to new owner or transferred back to the bank.

·        2 years from date sale closed and transferred to new owner or transferred back to bank possible with acceptable extenuating circumstance.

Bankruptcy Chapter 7

·        4 years from discharge date

·        2 years from discharge date possible with acceptable extenuating circumstance.

Bankruptcy Chapter 13

·        2 years from discharged date

·        4 years from dismissal date

Must have bankruptcy trustee's written permission to purchase.  Also, note that if 20% down payment is not made then mortgage insurance companies might have their own overlays.

 

Contact Information

Photo of Cindy Gardner Real Estate
Cindy Gardner
Century 21 New Millennium
2448 Holly Avenue
Annapolis MD 21401
410-703-9202
Fax: 443-458-0174

Now merged with Century 21 New Millennium with Listing Agents in Virginia and Washington, DC to handle your Short Sales.  Also facilitating Short Sales in Anne Arundel County, Prince Georges County, Howard County, Montgomery County, Baltimore County, Baltimore City, Calvert County, Charles County, Carrol County, Frederick County, Talbot County and Queen Anne’s County, Maryland

Maryland Short Sales

Virginia Short Sales

Washington, DC Short Sales

Short Sale Expert

Cindy Gardner
Century 21 New Millennium
2448 Holly Avenue
Annapolis, MD 21401
 Phone: 410.703.9202
  Fax: 443.458.0174
Cindy.Gardner@C21NM.com