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Conventional Loan Waiting Period After Foreclosure

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This topic describes the amount of time that must elapse (the "waiting period") after a significant derogatory credit event before the borrower is eligible for a new loan salable to Fannie Mae. The waiting period commences on the completion, discharge, or dismissal date (as applicable) of the derogatory credit event and ends on the.

Conventional loans have a minimum seasoning requirement, or waiting period, that a borrower must meet after a serious derogatory credit event such as a deed-in-lieu. Borrowers can recover from serious credit mishaps, such as deed in lieu of foreclosure, and qualify for a new loan within a matter of years.

Short sales (Fannie describes as pre-foreclosure sale), deed in lieu of foreclosure, or mortgage charge-off are treated the same. Each requires a 4 year waiting period, unless the reason was an extenuating circumstance. If documentation proves an extenuating circumstance, then the waiting period is only 2 years.

Conventional Loans After Foreclosure: Getting a conventional loan after a foreclosure is one of the common ways that people will finance the home they choose to buy after foreclosure. The waiting period for buying a home with a conventional loan after foreclosure is 3 years. Conventional Loans After a Short Sale

Qualifications For Harp Loan fannie mae mortgage loans: 3 important changes coming – unlike HARP, it can be used multiple times by a given homeowner; there’s no loan origination cut-off date; and there are no loan-to-value limits. To qualify for the new refinance program, you’ll need.

Waiting Period. Wait three years before applying for an FHA loan. This is lenient compared to conventional lenders who typically require you to wait seven years after a foreclosure. Lenders start that clock when the foreclosure.

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If the loan casefile receives a Refer with Caution recommendation due to a foreclosure identified by DU as taking place in the last seven years, the account was one discharged through a

FHA Waiting Period After Foreclosure – A borrower whose previous residence or other real property was foreclosed on or has given a deed-in-lieu of foreclosure within the previous three years is generally not eligible.. Foreclosure must have been resolved for at least 3 years with no late payments since the date of resolution.

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Yes, this can be confusing. The "waiting" periods are different depending on what type of financing you are applying for. When using a VA loan, the Bankruptcy and the Foreclosure have separate waiting periods. Only conventional financing allows you to ignore the foreclosure date and use the bankruptcy waiting period.

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