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Is there a waiting period after foreclosure for conventional loan?

  • January 17 2013 - Ashburn
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Answers (11)

Profile picture for CA Direct Lending
Being that this post has been resurrected, I'll post current information.  With 30% down and a minimum loan amount of $300,000 there is a portfolio lender who has no waiting period after a short sale.

Many bankers and brokers are signed up with them.  They are a national lender.
  • March 24
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Jared,

Your Short Sale : Conventional - is out of date.  As of 8 months ago 4 years is now min for short sale.  Could be less with extenuating circumstances that are very unlikely to be acceptable to a lender.

  • March 24
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You can look for a bank that would offer a Portfolio loan. Typically they are found in smaller banks that are willing to take a loan on themselves (not backed by the government). Try contacting a realtor in your area to see if they know of any banks that offer Portfolio loans. Good luck!
  • March 23
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Here's the latest derogatory waiting period I have:



Short-Sale: Conventional 2yrs with 20% down (10% down with extenuating circumstances)

                   FHA 3yrs (No Waiting period with extenuating circumstance)

 

Bankruptcy:  Chapter 7:    Conventional 4yrs (2yrs with extenuating circumstances)

                            FHA 2yrs (1yr with extenuating circumstances)

 

        Chapter 13:   Conventional 4yrs (2yrs with extenuating circumstances)

                            FHA 1yr

 

Foreclosure:   Conventional:  7yrs (3yrs with extenuating circumstances)

           FHA 3yrs (1yr with extenuating circumstances)





Best Regards,



Jared Newton

  • March 23
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Profile picture for wetdawgs
@alex tato:  It depends on the type of loan and the amount of down payment.  
  • February 18
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Profile picture for alex tato18
Why some say 4 years and others 7 years after Forclosure to get a conventional loan?
  • February 18
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The "conventional" waiting period is 3 yrs from the foreclosure date when you would be able to buy another home with a mortgage.  However, check also with your local hometown bank as they may be able to help you sooner.  Good luck!
  • January 29 2013
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Your best option will be contacting a mortgage broker that can explore your financial options and advice accordingly with the results of your credit report, employment history and circunstances that concluded into the foreclosure.

Maria Cipollone
  • January 18 2013
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Profile picture for scooter6251_abc
Are portfolio loans a way to work around extenuating circumstances?  Where would I find one in SC ?
  • January 18 2013
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Sean is correct, but there are also caveats for extenuating circumstances.

Scott
  • January 18 2013
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For a conventional loan it's 7 years from the trust deed date. FHA is 3 years from the trust deed date and VA is 2 years from the trust deed date. 
  • January 18 2013
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