Short Sale? Foreclosure? You can still get a new home loan.

Been thinking about buying a house but don’t think you can get a home loan because you have a short-sale or foreclosure in your past. Think again! If you have worked to get your credit re-established since “the event”, you may qualify for a new home loan.

foreclosure-home.jpgThe guidelines are as follows:
If you had a short sale, the waiting period is
• 2 yrs to qualify for a VA loan
• 3 yrs to qualify for FHA loan
• 4 yrs to qualify for Conventional loan
If you had a foreclosure, the waiting period is
• 2 yrs to qualify for a VA loan
• 3 yrs to qualify for FHA loan
• 7 yrs to qualify for a conventional loan
So, if you’ve passed the length of “waiting” time, you may qualify for a new mortgage. So stop paying those high rents. Put your monthly housing allowance to work building your own net worth instead of your landlord’s.

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