1 / 12

How Long Do I Have to Wait After Foreclosure to Get a Mortgage

A foreclosure isnu2019t the end of the road for owning a house. Homeowners whose properties have been foreclosed can reapply for a mortgage, albeit after undergoing a waiting period. Hereu2019s how long it takes to reapply and get things back on track. If you need to avoid foreclosure, consider selling the home to a cash home buyer. To sell your house fast in Milwaukee, visit

sellhousefastmke
Download Presentation

How Long Do I Have to Wait After Foreclosure to Get a Mortgage

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. When Can You Apply for Mortgage After Foreclosure?

  2. Wait Time for a Freddie Mac or Fannie Mae Loan • Seven years after foreclosure with a 3% down payment • Three years for extenuating circumstances • If you qualify for the three-year waiting period, you’ll need a 10% down payment

  3. Wait Time for an FHA (Federal Housing Administration) Loan • Three-year wait period, which begins when foreclosure ends • If it’s an FHA-insured loan, the waiting period starts when FHA paid the prior lender the claim • Accounts for extenuating circumstances don’t have a specific minimum timeframe

  4. Wait Time for a VA (Veteran Approved) Loan • Two years after foreclosure and three years if the home is FHA-insured • Minimum credit score is 620 or above • Can sign up for home entitlement

  5. Wait Time for a USDA Loan • Three years after a foreclosure • Requires credit score of 640 or above • Zero down payment program

  6. What Is Considered Extenuating Circumstances? • Per Fannie Mae: nonrecurring events beyond borrower’s control • Includes job loss, divorce, death, and illness • Per FHA: serious illness, death, job loss, but not divorce [exception under certain circumstances]

  7. Is there a way to avoid foreclosure?

  8. Yes!

  9. Sell your home fast in Milwaukee to a cash home buyer

  10. Why choose a cash • home buyer? • Sell your home in seven days or less • Sell your house for cash • We buy houses in Milwaukee as-is.

  11. Visit www.sellhousefastmke.com for an offer in less than 24 hours

More Related