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Wait Time for a Mortgage After a Foreclosure

We hope to answer the following questions for you:
How long do I have to wait to get a home loan after a short sale?
How long do I have to wait to get a mortgage after a foreclosure?

During and after the mortgage crisis millions of American homeowners lost their primary residences and investment properties. The numbers are staggering, but the general consensus seems to lie around 4 million properties per year during the peak years of the Great Recession. That’s a lot of effected homeowners. You or someone you know was more than likely effected. After a short sale or foreclosure (or deed in lieu of foreclosure) you may wonder how long you have to wait until you qualify for a loan. You might be surprised to know it’s actually not that long.

If you’ve continued to pay off any other debts and therefore preserved your credit you may be ready to buy again in as little as 3 years with an FHA Loan. The point is, reach out to a local lender and don’t get discouraged. Rent in the New Smyrna Beach, Edgewater, and Port Orange area can get very expensive so you may want to consider purchasing. You never know until you call. Try not to let the fear of an entity running your credit deter you from trying. Yes when 3rd party runs your credit is does cost you a few points but in the grand scheme of things the goal is to stop paying for someone else’s property and just pay for your own.

Below is a list of waiting periods provided by a home loan expert at the Mortgage Firm. If you have questions, reach out to their team at 321-972-9421.

Wait Times For Different Loan Types
SHORT SALE: 4 years with 5% down and AUS approval
BANKRUPTCY/CHAPTER 7: 4 years or 2 years if documented
extenuating circumstances and with reestablished credit
BANKRUPTCY/CHAPTER 13: 2 years from discharge or 4
years from dismissed
FORECLOSURE: 7 years however, if property was
surrendered in a bankruptcy, then 4 years from date of
final discharge with AUS approval.


SHORT SALE: 3 years if delinquent at the time of the short
sale or 1 year with extenuating circumstances or No
Seasoning if current on all debt at time of Short Sale
BANKRUPTCY/CHAPTER 7: 2 years with established credit
BANKRUPTCY/CHAPTER 13: 12 months history of
current payments and letter from bankruptcy judge
authorizing a home purchase
FORECLOSURE: 3 years from transfer of title date


SHORT SALE: No seasoning period, requires AUS approval (AUS- automated underwriting system)
BANKRUPTCY: 2 years with established credit
FORECLOSURE: 2 years from transfer of title date

SHORT SALE: No seasoning period, requires AUS approval
BANKRUPTCY: 3 years with established credit
FORECLOSURE: 3 years from transfer of title date

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