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Mortgages after foreclosure, deed in lieu, or pre-foreclosure (short) sale


It is important that you contact me as the earliest opportunity. Rebuilding your credit can take as long as 12 months. The sooner we start, the better! The table below shows the waiting periods (months) to get mortgage financing for a primary home (1-4 units). If you are interested in the details (and possible exceptions), check the reference materials. 


 Loan to Value

80%

90%

No limit

 Reference

 # months following

 Redemption

 Redemption

 Redemption

 Search for the word "foreclosure"

 Conventional loans

 24

48

84 

 Latest Fannie Mae Selling Guide

 FHA loans

 

36

Latest FHA Handbook


Extenuating circumstances
Both FHA and Conventional loan program criteria include extenuating circumstances that may reduce the waiting period. Check the latest Fannie Mae Selling Guide for conventional loans, or FHA Handbook for FHA loans. (Search: "extenuating circumstances")

Compensating factors and loan advocacy
The best possible re-built credit, compensating factors, and good loan advocacy are critical. Contact me ASAP!