Waiting Periods After a Distressed Sale

“How long do we have to wait to qualify for another mortgage” is the question concerning people who have had a foreclosure, short sale or bankruptcy. The loan types for the new loan will differ in amounts of time to heal credit scores based on the event.

The following chart is meant to be a general guide for how long a person might have to wait. During this waiting period, it is important that the person be current on all payments and maintains a history of good credit.

A recommended lender can give you specific information regarding your individual situation and can make suggestions that will improve your ability to qualify for a mortgage. This process should be started before looking at homes because the time constraints listed here can vary based on current requirements and possible extenuating circumstances of your case.

If you would like to discuss your specific situation and/or start the home purchase journey complete the GET IN TOUCH form on this page and a Real Estate Advisor | REALTOR® from Martin Real Estate Advisors Group | United Real Estate will be happy to assist you.

We want to be your personal source of real estate information and we are committed to helping from purchase to sale and all the years in between. Call us at 469-262-5411 for lender recommendations.