Showing posts with label foreclosure. Show all posts
Showing posts with label foreclosure. Show all posts
Tuesday, April 20, 2010
4/20/2010 12:31:00 PM | Posted by
Arbor Mortgage
Everyone understands that a foreclosure is bad for your credit. But, how bad? How long before someone will lend to you again? There’s a common misconception that it needs to fall off your credit report all together, which could take 7-10 years. Good news is the wait is actually much shorter than that.
Foreclosure/Short Sale Waiting Periods
Event | Wait for FHA | Wait for VA | Wait for Fannie Mae (FNMA) |
Foreclosure | 3 years | 2 years | 5 years |
Short Sale | 3 years (if late pays) No wait (if no late pays) | 2 years | 2 years (w/ 20% down) 4 years (w/ 10% down) 7 years (w/ less than 10% down) |
**These guidelines are as of the day posted, and are subject to change at any time without notice | |||
Exceptions can be made to gain an approval in a lesser period of time if the foreclosure event was due to extenuating circumstances beyond a borrower’s control. Death of a wage earner, or severe medical issue could possibly fall under that category. Whatever the event, be sure it’s well documented and that your current credit is in good standing.
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- Arbor Mortgage
- Arbor Mortgage is a Michigan based mortgage lender that has been providing mortgage solutions for more than a decade. Since 1998, Arbor Mortgage has helped more than 20,000 people purchase or refinance their homes. Arbor offers a variety of mortgage programs including FHA, USDA Rural Development, VA, Conventional and Alternative loans.
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