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How long will you have to wait before you can buy a home after foreclousre, short sale or bankruptcy?

Here's how each scenario typically plays out for waiting time for future financing.  Of course guidelines are always changing and this is just an overview of current guidelines.

                                  FHA                                                     Conventional

Foreclosure           3 years                                                      7 years  (4-7 years with 10% down)                  

Short Sale        3 years (certain circumstances)                         2 years with 20% down
                                                                                          4 years with 10% down
                                                                                          7 years with less than 10% down

Bankruptcy (chapter 7)         2 years                                         4 years

Bankruptcy (chapter 13)        1 year (certain circumstances)        2-4 years

If you are curious about your particular situation/time lines, please give me a call for further information.

               Gina Dumas, REALTOR ~ RE/MAX Results  ~ 612.718.2783  ~  www.GinaDumas.com


Posted by Gina Dumas on 02/21/2012
Tags: bankruptcy FHA foreclosure Gina Dumas Gina Dumas, Maple Grove Realtor Gina Dumas, Plymouth Realtor Gina Dumas, Realtor Gina Dumas, St. Louis Park Realtor mortgage short sale
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