How to Buy a Home after a Foreclosure, Short Sale, or Bankruptcy

How to buy a home after foreclosure, short sale, or bankruptcy

Can you Buy a Home after a Foreclosure, Short Sale, or Bankruptcy?

Yes you can! There are multiple loan programs that allow you to buy a home after a serious credit event. What is even better, is that Ocean Lending offers these programs that allow you to buy a home after a foreclosure, short sale, or bankruptcy, so you’re already at the right place ! We know that going through a serious credit event such as a foreclosure, short sale, or bankruptcy can really bang up your credit score. That is why we are able to help people buy a home after a foreclosure, short sale, or bankruptcy all the way down to a 500 FICO score.

How Soon after a Foreclosure, Short Sale, or Bankruptcy can I Buy a Home?

There are several different seasoning requirements for each different credit event. I will go into detail of when you can buy a home after a foreclosure, short sale, or bankruptcy according to all different loan types.

Foreclosure

  • Conventional Loan: 7 years from date of foreclosure
  • FHA Loan: 3 years from date of foreclosure
  • VA Loan: 2 years from date of foreclosure
  • Private Loan: 1 Day from date of foreclosure

Short Sale

  • Convetional Loan: 4 years from completion date
  • FHA Loan: 3 years from date of title transfer
  • VA Loan: Current at time of short sale, no seasoning. If delinquent, 2 years
  • Private Loan: 1 Day from date of title transfer

Bankruptcy

    Conventional Loan:

  • Chapter 13:
  • Discharged: 2 years;
    Dismissed: 4 years
  • Chapter 7:
  • 4 years from completion date
    FHA Loan:

  • Chapter 13:
  • Active BK: 1 year perfect payments & permission from BK court
    Discharged: 2 years;
    Dismissed: Case by case
  • Chapter 7:
  • 2 years from completion date
    VA Loan:

  • Chapter 13:
  • Active BK: 1 year perfect payments & permission from BK court
    Discharged: If all payments made, case by case for no seasoning period
    Dismissed: No specifici guideline; case by case
  • Chapter 7:
  • 2 years after completion date
    Jumbo Loans: 5 years
    Private Loan

  • Chapter 13: 1 day after completion
  • Chapter 7: 1 day after completion, with perfect payments

How do I Get Pre-Approved to Buy a Home after a Foreclosure, Short Sale, or Bankruptcy?

The first step to getting yourself Pre-Approved to buy a new home after a foreclosure, short sale, or bankruptcy is to speak with a qualified loan professional. Thankfully you are already at the right place. Ocean Lending has several Loan Experts that can help you get Pre-Approved through a Free Mortgage Analysis, which should only take about 5 minutes. To get in contact with a Loan Expert you can fill out the quick quote form on the right side of the page, or you can call us at 949.707.1090 and just simply ask to speak with a Loan Expert. If you do not get through right away and our lines are busy please call back.

Ocean Lending provides a Mortgage Analysis free of cost, to all clients. It only takes 5 minutes, what do you have to lose. Contact us today so we can show you how to buy a home after a foreclosure, short sale, or bankruptcy!