Google Said What?
Google Says What????
Don’t let the web mislead you on YOUR options if you have a bankruptcy, foreclosure or short sale. There are many options for borrowers depending on the assets, credit and income, but the basics for these programs are the following:
| FHA | VA | Conventional | |
| Bankruptcy | *Chapter 7 Bankruptcy – TWO (2) years from BK discharge date*Chapter 13 Bankruptcy- ONE (1) year from BK discharge date
|
TWO (2) years after a Bankruptcy | TWO (2) years from Bankruptcy discharge date |
| Foreclosure | THREE (3) years after the sale/deed transfer date
|
TWO (2) years after a foreclosure | SEVEN (7) years after the sale date of your foreclosure; Additional qualifying requirements may apply |
| Short Sale/Notice of Default/Deed in Lieu of Foreclosure: | THREE (3) years after the sale date of your short sale. FHA treats a short sale the same as a Foreclosure for now. | TWO (2) years after a short sale (unless the loan was a VA loan then restrictions apply) | *TWO (2) Years up to Maximum 80% Loan to Value | 20% Down Payment.*FOUR (4) Years up to Maximum 90% Loan to Value | 10% Down Payment |
In addition to these programs we offer several options for qualified borrowers through our portfolio loan program. What that means is that we have lenders that use their own money, and are not subject to any of these guidelines. Call today to find out more information about these programs.
Team Mortages By Linda is standing by waiting for your call. Don’t hesitate to pick up the phone and dial 904-591-3662!