Buyers tip of the week!!


english bulldogs dressed up as santa and rudolph

When do I qualify for a mortgage to buy a house after short-sale?

A pre-foreclosure sale or short sale is the sale of a property in lieu of a foreclosure resulting in a payoff of less than the total amount owed, which was pre-approved by the servicer.

Qualifying for Conventional mortgage after Short-sale:

The following waiting period requirements apply for conventional mortgage backed by Fannie Mae
Two years for transactions with a maximum Loan-to-value ratio (LTV) of 80%. So if you have 20% down payment you can buy a house 2 years after short-sale.
Four-year for transactions with a maximum LTV of 90%
Seven years for transactions with an LTV greater than 90%
For loans backed by Freddie Mac you can get a regular LTV loan after 4 years.

Qualifying for FHA Loan after Short-sale:

You need to wait for 3 years after short-sale to qualify for an FHA loan. Some exceptions may apply if you were not late on any mortgage or installment debt 12 months prior to the short-sale debt. One caveat to three year wait period is that, you should not have any bankruptcy or foreclosure prior to the short-sale.

When do I qualify for a mortgage to buy a house after foreclosure?
Qualifying for Conventional mortgage after Foreclosure:
A seven-year waiting period is required, and is measured from the completion date of the foreclosure action as reported on the credit report or other foreclosure documents provided by the borrower.

Qualifying for FHA Loan after Foreclosure:
You need to wait for 3 years after the foreclosure to qualify for an FHA loan.
If the loan secured by the foreclosed property was not an FHA loan, the foreclosure time frame is measured from the foreclosure completion date.
If the loan secured by the foreclosed property was an FHA loan, the three year time frame is measured from the date FHA paid the insurance claim.
Defaulted time share loans are not considered foreclosures

When do I qualify for a mortgage to buy a house after bankruptcy?
Qualifying for Conventional mortgage after Bankruptcy:
With Chapter 7 bankruptcy you need to wait for 4 years before which you can qualify for a conventional mortgage. With Chapter 13 bankruptcy 24 months must elapse from the discharge date or 48 months from the dismissal date.

Qualifying for FHA Loan after Bankruptcy:

Wait period for an FHA loan after Chapter 7 bankruptcy is two years.
To qualify for an FHA loan after Chapter 13 bankruptcy, following guidelines apply:
Document at least one year into the payout plan has elapsed
Document all required payments have been made on time
If borrower is still in repayment, obtain court permission to enter into the new mortgage
If the borrower is still in repayment, include the Chapter 13 payment in the debt ratio
If you have gone through any of these hardships in the past and considering to buy a home again, contact me so that I can help you qualify for a mortgage. Some of these time frames may change over the next couple of years I will keep you posted!

As always enjoy!
Laura A Goldberg ABR,GRI,SFR,BPOR E-pro
Classic Properties Realty
Cell/Text 352-327-2997
Fax: 866-591-3002 toll free
Email:Gainesvillerealestate@yahoo.com
Email: Gainesvillebuyerpro@gmail.com
Web/Blog http://www.lifeingainesvilleflorida.com
I am passionate about Real Estate !!

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Laura Goldberg REALTOR GRI,ABR,SFR,RSPS,SRES,

1-352-327-2997 call or text
7 days a week!!! 9-?
Email me: Gainesvillerealestate@yahoo.com

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