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Gene's Blog
FHA, VA, and Conventional Loans ...
The Waiting Periods
 
 
     There is a phenomenon at play in the American Home Buying marketplace currently.  Former homeowners that suffered financial catastrophe during the housing crisis (often referred to as "Boomerang Buyers") are asking ... 
   
      
     
     "How long after my Bankruptcy, Short Sale, or Foreclosure must I wait to buy another home?" 
 
     
     While it's difficult to summarize ALL   scenarios in just one article, the following is a breakdown of the "typical" waiting periods in play following major credit events:

 


Conventional 
 
     Bankruptcy (Chapter 7)
     * 4 years after Discharge Date
 
     Short Sale
     * 4 years after Sale Date/Closing
 
     Foreclosure
     * 7 years after Sheriff's Sale Date
 
FHA
 
     Bankruptcy (Chapter 7)
     * 2 years after Discharge Date
     * 1 year for Chapter 13 
 
     Short Sale
     * 3 years after Sale Date/Closing
 
     Foreclosure
     * 3 years after Sheriff's Sale Date
 
VA
 
     Bankruptcy
     * 2 years after Discharge Date
     * 1 year for Chapter 13 
 
     Short Sale
     *  2 years after Sale Date/Closing
 
     Foreclosure
     *  2 years after Sheriff's Sale Date
 
                                          
      The above are the Standard Guidelines issued by the Agencies that most Lenders comply with.  There are exceptions to these waiting periods, but qualifying "extenuating circumstances" must be involved in each of these options.

 

 
     Please Note:  If certain financial hardships are found and met, there are cases where these waiting periods can be shortened or moved-up.  
 
     Since every situation and scenario is unique to the individual, it's best to seek my advice regarding your personal situation.  We'll get the info and answers that address yourspecific needs. 
 
     During our conversation, be prepared to provide authorization to:
 
  • Pull Credit Report(s)
  • Identify the Property Address involved in the previous sale
  • Provide written documentation for events leading to the problems experienced. That documentation can include:

 

            *  Tax Returns
            *  W-2's
            *  Pay Stubs
            *  Letters of Explanation (LOE)
            *  Job Loss
            *  Medical Reports
            *  Lay-off Notices
            *  And Etc. 
 
     
      Given current favorable Interest Rates and the rising rental costs/affordable housing prices still being seen in many housing markets, it's a great time for you to inquire about the options available for purchasing a home.  Don't let this opportunity pass you by.
 
     At minimum, we'll gain the FACTS regarding your personal financial scenario, provide you the assistance needed, and get you on the path towards a home purchase in the future ...
 
 
 
 
     *  Did you suffer a Chicagoland Bankruptcy, Short Sale, or Foreclosure during the recent housing downturn?  Do you hope to buy a home again in the near future?  
     Contact Me today to discover what your home buying options are and obtain the assistance you need:
 
Gene Mundt, Mortgage Lender
Direct:  815.524.2280
Cell/Text:  708.921.6331
eFax:  815.524.2281
  
                                                   
   
 
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Gene Mundt, Mortgage Lender, a Lender with 37 years of mortgage experience, will offer you exemplary mortgage service and advice when seeking:  Conventional, FHA, VA, Jumbo, USDA, and Portfolio Loans in Chicago and the greater Chicagoland region, including:  
The Lincoln-Way Area, Will County, (New Lenox, Frankfort, Mokena, Manhattan, Joliet, Shorewood, Crest Hill, Plainfield, Bolingbrook, Romeoville, Naperville, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL
 
Your Referrals are Greatly Appreciated!
 
      
     

 

Gene Mundt, Mortgage Lender NMLS #216987
American Portfolio Mortgage Corp
Branch Office - 318 Alana Drive, New Lenox, IL  60451
Cell:  (708) 921-6331
Direct:  (815) 524-2280
Fax:  (815) 524-2281
gmundt@goapmc.com
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