Want to buy a Home? Have derogatory credit? Want to use conventional loan?

What's keeping you from moving forward with your dream of owning a home? Could it be that you are unsure if you will qualify for a loan because of past derogatory credit?

If you plan on applying for a conventional loan the general waiting periods are as follows:

Foreclosures:7 years or 3 years with extenuating circumstances (only some lenders) from the date of completion of foreclosure action *

Bankruptcy: 4 years or 2 years with extenuating circumstances from date of discharge or dismissal *

Multiple bankruptcy filings: 5 years from the most recent dismissal or discharge date when borrower has more than 1 bankruptcy in 7 years *

Short Sale/Deed in Lieu 2 years with maximum loan to value of 80%, or 4 years with maximum loan to value of 90%, or 7 years maximum loan to value per program guidelines or 2 years maximum loan to value of 90% with extenuating circumstances  *

Chapter 13: 2 years from discharge date or 4 years from dismissal date or 2 years from dismissal date with extenuating circumstance.*

*Always check with a loan officer, credit report and financial institution. Then contact me to help you find your home.

If you do not qualify for a loan and you still would like to own a home in the future I might have another program for you. Even if you live outside northern Virginia I might be able to help.

Catherine Seybold
Sales Agent
Coldwell Banker Residential Brokerage
catherine.@yourealestateneeds.com
571-510-0456
Military Relocation Professional
Senior Real Estate Specialist



"The postings on this site are my own and don't necessarily represents Coldwell Banker positions, strategies or opinions."