I am sure most of us personally know someone who has recently experienced difficult financial situations in this crazy market. If you know someone in this situation please let them know their is hope. Hope in the form of… when can someone expect to be able to BUY A HOME again. According to a Great Mortgage Company named IMORTGAGE here in Vegas there current underwriting guidelines to qualify for a LOAN are as follows.
A. Conventional Loans
BANKRUPTCY
- Ch 7 BK – 4 years from either the discharge or dismissal date.
- Ch 13 BK – 2 years from discharge date or 4 years from dismissal date.
- If multiple BK’s within 7 year period, it is 5 years from the most recent dismissal date.
- Foreclosure is 5 years from completion date.
- Deed-in-Lieu of Foreclosure is 4 years
Pre-Foreclosure (Short Sale) is 2 years from date house closed. if house was a short sale and borrower was not in pre-foreclosure (60, 90,120, or 150 day lates in tn last 12 months), they can sell this loan to Fannie Mae. the lender/servicers that completed the short sale must NOT have entered into any agreements the obligate the borrower to repay any amounts resulting from the short sale, including a deficiency judgment.
B. FHA/VA
Bankruptcy
- CH 7 BK – 2 years
- CH 13 BK – 12 months after release
- foreclosure or Deed in Lieu of is 4 years from completion date.
Pre – foreclosure is 2 years . Same exception as conventional (above) if not delinquent.
Please contact imortgage (Sultana Fox) for more details at 702 561-7262
