Home Buyers and Sellers in Reno / Sparks Nevada: Your questions about what will happen if you file bankruptcy, loose your home thru a foreclosure or a short sale are answered below.
If you file Bankruptcy, go through a Foreclosure or Short Sale - Does it make a difference when applying for a conventional mortgage. According to Heath Albritton, Sales Manager / Sr Loan Consultant for Starkey Mortgage you bet.
Bankruptcy/Foreclosure/Short Sale/Deed-In-Lieu Seasoning Requirements when applying for a Conventional Mortgage
- All bankruptcy except Chapter 13 - 4 year time period from discharge or dismissal. Exception for extenuating circumstances is 2 years from discharge or dismissal.
- Chapter 13 Bankruptcy - 2 years from discharge date or 4 years from dismissal date. Exception for extenuating circumstances is 2 years from dismissal.
- If borrower has had multiple bankruptcy filings in the last 7 years, there is a 5 year time period from the most recent dismissal or discharge date. If the most recent bankruptcy was due to extenuating circumstances, there is a 3 year time period from the most recent dismissal or discharge date.
- 5 year time period from completion date. Additional requirements after 5 years and up to 7 years include:
- Purchase of a primary residence permitted with minimum 10% down payment and minimum 680 Fair Isaac Credit Organization (FICO)
- Purchase of 2nd home or Non-Owner Occupied (NOO) not permitted
- Cash out refinance for all occupancies not permitted; rate/term refinances are eligible
- Exception for extenuating circumstances is 3 years from completion date. Additional requirements after 3 years and up to 7 years include:
- Purchase of a primary residence permitted with minimum 10% down payment
- Purchase of 2nd home or NOO not permitted
- Cash out refinance for all occupancies not permitted; rate/term refinances are eligible
- 2 year time period from completion date. There are no additional requirements or exceptions to the 2 year period due to extenuating circumstances
- 4 year time period from date executed. Additional requirements after 4 years and up to 7 years include:
- Purchase of a primary, 2nd home or NOO residence permitted with the greater of 10% minimum down payment or the minimum down payment required for the transaction
- Refinances permitted subject to eligibility guidelines
- Exception for extenuating circumstances is 2 years from completion date. Additional requirements after 2 years and up to 7 years include:
- Purchase of a primary, 2nd home or NOO residence permitted with the greater of 10% minimum down payment or the minimum down payment required for the transaction
- Refinances permitted subject to eligibility guidelines
Foreclosure Homes now available in Franklin, TN
Short Sale Homes now available in Franklin, TN
This posting and the contents written here are the intellectual property and opinions of Diane Osowiecki of Benchmark Realty. Providing real estate services to clients in Nashville, Brentwood, Franklin, Spring Hill, and all of Middle Tennessee
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Certified Default Resolution Specialist (CDRS)
Short Sales & Foreclosure Resource ~ Certified (SFR)
Ferrari-Lund Real Estate
775.846.5424
The information in Terrie Leighton's Blog are believed to be accurate and true but are not guaranteed! Terrie Leighton is a licensed real estate agent with Ferrari-Lund Real Estate serving the areas in Reno and Sparks Nevada.
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