Saturday, October 10, 2015

Want to buy a Home? Have Derogatory Credit? Want ot use a FHA 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 FHA Loan the general waiting periods are as follows:

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

Bankruptcy (Chapter 7): 2 years or less than 2 years but greater than 12 months with extenuating circumstances from date of discharge or dismissal *

Short Sale/Deed in Lieu 3 years if in default at the time *

Chapter 13: 1 full year of the payout period under the bankruptcy must have elapsed, all payments made on time and the court has given the borrower written permission to enter into the mortgage transaction.*

*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
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."

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