Can I Buy A Home Again

Dated: 03/15/2014

Views: 1013

Many people are wondering if they will ever be able to buy a home again. A few facts might help to understand answering the question.

If you have experienced a Bankruptcy, Foreclosure, Short Sale or a combination of these - this might help you. The first thing is to know is what exactly are you trying to resolve.
Some Basic Guidelines
  • Bankruptcy Chapter 7 or 13
  • Foreclosure or Short Sale  on a Conventional, FHA, or VA loan
Conventional Loan:
Chapter   7 bankruptcy is 4 years from discharge date or dismissal date
Chapter 13 bankruptcy is 2 years from discharge date 4 years from dismissal date
Foreclosure is 7 years from completion date
Short Sale is 2 years - 80% max LTV (loan to value)
FHA Loan:
Chapter   7 bankruptcy is 2 years from discharge date - 12 mos with acceptable extenuating circumstances
Chapter 13 bankruptcy is 1 year of the payout period and payments made on time. Must receive permission from the court to enter into a mortgage
Foreclosure is 3 years from completion date
Short Sale is 3 years from completion date

VA Loan:

Chapter   7 bankruptcy is 2 years from discharge date or dismissal date
Chapter 13 bankruptcy is 1 year of the payout period and payments made on time. Must receive permission from the court to enter into a mortgage
Foreclosure is 2 years from completion date
Short Sale is 2 years from completion date
The best thing you can do is get with a lender that will take time to explain what you need to do to recover, repair and help you move forward. A plan works wonders. But remember, if you do nothing you are guaranteed the same. 
Feel free to contact me I would love to refer lenders that could give you the proper counseling.
Aurora CO Homes for Sale and Real Estate services. Mike Conner of EXIT Realty Denver Tech Center is your local Real Estate resource for Aurora, Centennial, Parker CO and surrounding areas. With 11 years of experience to draw from, I can help with any of your buying or listing needs. Call or text me today. I am happy to help you. Mike Conner 720.422.1765
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Sheryll White

As a Full Time real estate agent for the past 23 years, Sheryll has helped hundreds of home owners in Colorado buy and sell their homes. Sheryll's easy going, no pressure style and her in depth knowl....

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