Have you had a Foreclosure, Bankruptcy, or a Short Sale? You CAN Buy Again!
Do you think just because you have had a foreclosure, bankruptcy or gone through a short sale that you can never purchase another home again? If you still have the dream of owning a home, don’t give up on that dream, there are some guidelines that may allow you to own a home again. Here are some of those guidelines:
Chapter 7 Bankruptcy
2 years from discharge date or dismissal date
Chapter 13 Bankruptcy
1 year of the payout period must have elapsed and payments must be made on time. Borrower must receive permission from the courts to enter into a mortgage
Foreclosure, Deed-In-Lieu of Foreclosure, Pre-Foreclosure, Short Sale or Prior Loan Modification
3 years from completion date
are also similar guidelines for Conventional loans, VA loans, and USDA
Rural loans. Of course all situations are different, and speaking to a
lender and having them look at all of your information is the best way
to see if you are able to pre-qualify for another home loan. Please
contact our preferred lender, Sue Pullen with Fairway Independent
Mortgage, at 520-744-2292 or sue@pcMortgageAdvisor.com.
Licensed Mortgage Professional #206048
Fairway Independent Mortgage Corp.
5401 N. Oracle Rd., #101
Tucson, AZ 85704