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When Can I Buy Again?

by admin on August 13, 2011
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The time frame when a client can buy a home after a foreclosure, deed-in-lieu, short sale or bankruptcy varies by the agency purchasing or insuring the loan as well as the dollar amount of the loan.  Below is a breakdown to help you know when you might be able to purchase again.

Federal Housing Administration (FHA)

  • Bankruptcy- 2 years after the date of discharge
  • Deed-in-lieu- 3 years after closing
  • Foreclosure- 3 years after closing
  • Short Sale- 3 years after closing
Conventional Conforming (Fannie Mae/Freddie Mac)
  • Bankruptcy- 4 years after the date of discharge
  • Deed-in-lieu- 4 years after closing (Loan to value < 80%); 5 years after closing (Loan to value > 80%; 7 years after closing for second homes and investment properties regardless of Loan to Value
  • Foreclosure- 7 years after closing
  • Short Sale- 2 years after closing (Loan to value < 80%); 5 years (Loan to value 80.1%-90%); 7 years (loan to value > 90%)
Conventional Non-Conforming “Jumbo” (Fannie Mae/Freddie Mac)
  • Bankruptcy- 7 years after the date of discharge
  • Deed-in-lieu- 7 years after closing
  • Foreclosure- 7 years after closing
  • Short Sale- 7 years after closing
Veterans Administration- (VA)
  • Bankruptcy- 2 years after date of discharge
  • Deed in lieu- 2 years after closing
  • Foreclosure- 2 years after closing
  • Short Sale- 2 years after closing

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