A foreclosure isnt the end of the road for owning a house Homeowners whose properties have been foreclosed can reapply for a mortgage albeit after undergoing a waiting period Heres how long it takes to reapply and get things back on track If you need to avoid foreclosure consider selling ID: 878376
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Slide1
When Can You Apply for Mortgage
After Foreclosure?
Slide2Wait Time for a Freddie Mac or Fannie Mae Loan
Seven years after foreclosure with a 3% down payment
Three years for extenuating circumstances
If you qualify for the three-year waiting period, you’ll need a 10% down payment
Slide3Wait Time for an FHA (Federal Housing Administration) Loan
Three-year wait period, which begins when foreclosure ends
If it’s an FHA-insured loan, the waiting period starts when FHA paid the prior lender the claim
Accounts for extenuating circumstances don’t have a specific minimum timeframe
Slide4Wait Time for a VA (Veteran Approved) Loan
Two years after foreclosure and three years if the home is FHA-insured
Minimum credit score is 620 or above
Can sign up for home entitlement
Slide5Wait Time for a USDA Loan
Three years after a foreclosure
Requires credit score of 640 or above
Zero down payment program
Slide6What Is Considered Extenuating Circumstances?
Per Fannie Mae: nonrecurring events beyond borrower’s control
Includes job loss, divorce, death, and illness
Per FHA: serious illness, death, job loss, but not divorce [exception under certain circumstances]
Slide7Is there a way to avoid foreclosure?
Slide8Yes!
Slide9Sell your home fast in Milwaukee
to a cash home buyer
Slide10Why choose a cash
home buyer?
Sell your home in seven days or lessSell your house for cash
We buy houses in Milwaukee as-is.
Slide11Visit
www.sellhousefastmke.com
for an offer in less than 24 hours