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Wait Time To Buy Again After Foreclosure or Short Sale

February 22, 2011

We get asked all the time, “How long will I have to wait to be eligible to purchase again after a shortsale or foreclosure?”  Below are the breakdowns and as you can see, there are definite benefits to shortselling your home instead of letting it go to foreclosure, in certain circumstances.  Call us if you have questions! 

 

Foreclosure Deed In Lieu Shortsale Bankruptcy
FHA 3 years 3 years 3 years 2 years
VA 2 years 2 years 2 years 2 years
Conventional 7 years 4 years* 2 years** 4 years
Jumbo 7 years 7 years 7 years

7 years

*< 80% LTV and 5 years > 80% LTV for primary residences. 7 years for second homes and investment properties regardless of LTV.

**< 80% LTV and 5 years > 80% LTV and 7 years > 90% LTV

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