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18 Aug 2011

Buying Again After a Short Sale or Bankruptcy?

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Yes, you can purchase again after a short sale or deed in lieu of foreclosure, or bankruptcy, with some restrictions. Call me for more information about your individual scenario. You will still need to meet other qualification guidelines including income, debt ratios, and credit score.

After 2 years: Conforming loan OK with 20% down.
After 3 years: FHA loan OK (low downpayment, lower FICO score OK) even if you were in default at time of sale. FHA loans have unique upfront costs and require mortgage insurance.
After 4 years: Conforming loan OK with 10% down and mortgage insurance. Can sometimes be OK to purchase after bankruptcy after 4 years.
After 7 years: OK to purchase after bankruptcy

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Today’s High Balance Rates ($417k to $625,500)

Rates shown are national averages, your rate may be different based on your downpayment, credit score, property type, and other factors.

Today’s Conforming Rates (to $417,000)

Rates shown are national averages, your rate may be different based on your downpayment, credit score, property type, and other factors.

These rates are averages; you may qualify for different rates based on your credit score, downpayment, property type, and other factors.