florida

When can I purchase after a Foreclosure, Short Sale or Bankruptcy?

     

Many Florida mortgage applicants ask they might be able to purchase another home after a short sale, foreclosure or bankruptcy?  Below we have prepaired an outline. Every situation can be different so give us a call for a free Florida mortgage evaluation.

CLICK HER FOR MORE INFORMATION ON OUR NEW FLORIDA MORTGAGE PROGRAMS TO PURCHASE 1 DAY AFTER A FLORIDA FORECLOSURE OR BANKRUPTCY.

Mortgage Type

Situation

Decision

FHA

Chapter 7 Bankruptcy

Florida mortgage applicants must waIt at least 2 years after date of chapter 7 discharge. Florida mortgage applicants must have re-established good credit and be able to document responsibility to manage timely payment history.

FHA

Chapter 13 Bankruptcy

Floirda mortgage applicants must wait least 12 months and prove timely payment history.

FHA

Foreclosure or deed-in-lieu of foreclosure

Florida mortgage applicants must wait least 3 years since the deed trasnfer. No late payment since the Foreclosure $ Must have re-established credit. To veiw complete Florida FHA mortgage requirments click here.

FHA

Short Sale

If you were current on your payments at the time of the short sale you could qualify for a Florida mortgage today. If you were late on the Florida mortgage payments  you must wait a full 3 years from the time the deed was trasfered during a  short sale or pre-foreclosure.  

FHA

Strategic Foreclosure or Short Sale

Not eligible

VA

Short Sale of non-VA home

No waiting period to qualify for a VA loan if no Florida mortgage payments made late. If late payments on credit, at least 12 months of satisfactory payments.

VA

Chapter 7 Bankruptcy

Can be disregarded 2 years after discharge.

If the Florida bankruptcy was discharged within the last 1 to 2 years, it is probably not possible to determine a satisfactory credit risk unless both of the following requirements are met: 
-reestablished satisfactory credit, and 
-the Florida bankruptcy was caused by circumstances beyond borrowers control (such as unemployment, medical bills, etc.)

VA

Chapter 13 Bankruptcy

At least 1 year into the payout period and payment performance has been satisfactory.  Must have court approval.

VA

Foreclosure or deed-in-lieu of foreclosure

Can be disregarded after 2 years. If the Floirda foreclosure was within the last 1 to 2 years, it is probably not possible to determine a satisfactory credit risk unless both of the following requirements are met:  -reestablished satisfactory credit, and  -the Florida foreclosure was caused by circumstances beyond borrowers control (such as unemployment, medical bills, etc.) If the foreclosure was on a VA loan, the applicant may not have full entitlement available for the new loan.

Fannie Mae

Foreclosure

Florida mortgage applicants must wait at least 5 years and then must have 10% down and minimum credit score of 680.  No second homes or investment property.  Limited cash-out refinances are allowed after 5 years. Effective 10/1/10 - Waiting period is 7 years

 At least 3 years with extenuating circumstances (i.e. loss of job, divorce, medical bills) and 10% down

Fannie Mae

Deed-in-Lieu of Foreclosure

2 years with 20% down.

4 years with 10% down.

 At least 2 years and 10% down with extenuating circumstances (i.e. loss of job, divorce, medical bills)

Fannie Mae

Pre-foreclosure Sale / Short Sale

 

2 years with 20% down.

4 years with 10% down.

 Florida mortgage applicants must wait at least 2 years and 10% down with extenuating circumstances (i.e. loss of job, divorce, medical bills)

Fannie Mae

Chapter 7 Bankruptcy

Florida mortgage applicants must wait at least 4 years from the date of discharge. At least 2 years with extenuating circumstances (i.e. loss of job, divorce, medical bills)

Fannie Mae

Chapter 13 Bankruptcy

Florida mortgage applicants must wait at least 2 years from the date of discharge and 4 years from the chapter 13 dismissal date.

 At least 2 years with extenuating circumstances (i.e. loss of job, divorce, medical bills)

Fannie Mae

Strategic Foreclosure or Short Sale

7 years

Freddie Mac

No Information Available

 

 

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CREDIT REQUIREMENTS

FHA MORTGAGE

550 MIN FICO

PORTFOLIO MORTGAGE

NO MINIMUM

VA MORTGAGE

550 MIN FICO SCORE 

USDA LOANS

580 MIN FICO SCORE 

FANNIE MAE.

620 MIN FICO SCORE 

FREDDIE MAC

620 MIN FICO SCORE 

CALL NOW!

954-667-9110

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