Posted by: Wendy Harpp | August 20, 2012

You may be eligible….

For all you folks out there that had a short sale or foreclosure in 2009-2010, Great News…you may now be eligible for an FHA or conventional mortgage!

If we are taking about a short sale, you may be eligible for a conventional loan if you are putting 20% down on the loan.

If we are talking about a foreclosure you really need to wait 3 years before becoming eligible.

On bankruptcy files we are looking at chapter 13~1 year wait for FHA and 2 years on conventional

If you filed chapter 7 you will need to wait 2 years on FHA and 4 years on conventional loans.

Bottom line is that if you had a short sale, foreclosure or bankruptcy in 09 or `10 you may now be in a position to reapply and get approved!!



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