Fannie Mae and Freddie Mac stipulate that persons who had their homes foreclosed must wait a minimum of three years before being able to apply for credit with them again, while those who went for a short sale only need to wait two years. There can be extenuating circumstances however, and if borrowers are able to show how they were extremely unfortunate, and if they had a good financial track record in the past, they may be able to shorten the time they have to wait.
On the flip side however, those who cannot prove any misfortune may well face an even longer wait than the minimum three years – with some being forced to wait as many as seven years, or four years if they went bankrupt.
Those who take out a loan that is covered by the Federal Housing Administration, and have a perfect credit record after borrowing the money, will also be eligible to buy again three years after a foreclosure, or just two years following a declaration of bankruptcy.
Read the entire article at Realty Biz News
No comments:
Post a Comment