2016 Buy Again After Bankruptcy, Short Sale, Foreclosure or DIL

by on 1.6.16 in Boomerang Buyers

NOTE:  This page was first created in February, 2011, and is updated as new guidelines are released.  This page is monitored by Boomerang Buyer experts that understand the guidelines, and have successfully guided countless families back into homeownership after significant financial hardship.

2016 FHA Guidelines

  • Bankruptcy – You may apply for a FHA insured loan after your bankruptcy has been discharged for TWO (2) years with a Chapter 7 Bankruptcy.  You may apply for a FHA insured loan after your bankruptcy has been discharged for ONE (1) year with a Chapter 13 Bankruptcy
  • Foreclosure – You may apply for a FHA insured loan THREE (3) years after the sale/deed transfer date.
  • Short Sale / Deed in Lieu – You may apply for a FHA insured loan THREE (3) years after the sale date of your foreclosure. FHA treats a short sale the same as a Foreclosure for now.
  • Credit must be re-established no late payments in past 12-24 months, depending on hardship

Application Date must be after the above waiting period to be eligible for FHA financing after hardship.

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2016 VA Guidelines

  • Bankruptcy Ch 7 – You may apply for a VA guaranteed loan TWO (2) years after a chapter 7 Bankruptcy
  • Bankruptcy Ch 13 – If you have finished making all payments satisfactorily, the lender may conclude that you have reestablished satisfactory credit.
    • If you have satisfactorily made at least 12 months worth of the payments and the Trustee or the Bankruptcy Judge approves of the new credit, the lender may give favorable consideration.
  • Foreclosure – You may apply for a VA guaranteed loan TWO (2) years after a foreclosure
  • Short Sale / Deed in Lieu – You may apply for a VA guaranteed loan TWO (2) years after a short sale, unless it was a VA loan then restrictions apply
  • Credit must be re-established with a minimum 620 credit score

Application Date must be after the above waiting period to be eligible for VA financing after hardship.

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2016 USDA Guidelines

  • Bankruptcy – You may apply for a USDA rural loan THREE (3) years after the discharge of a Chapter 7 or 13 Bankruptcy – Buy Again After Bankruptcy Using A USDA Loan
  • Foreclosure – You may apply for a USDA rural loan THREE (3) years after a Foreclosure – Buy Again After Foreclosure Using A USDA Loan
  • Short Sale / Deed in Lieu of Foreclosure – If you had big issues the deed in lieu of foreclosure will be viewed as a foreclosure and you would want to wait no less than 3 years if the score is under 640.  Over 640 your UW will make the call but typically not less than one year. Buy Again After Short Sale / Deed In Lieu using a USDA Loan
  • UPDATED 12/2014 – Mortgage debt included in Bankruptcy will go by BK discharge date, and subsequent foreclosure, short sale, or deed in lieu of foreclosure will not count as an additional waiting period, as long as you are off title for any defaulted mortgages.
  • Link to 12/1/2014 USDA Guideline – HB-1-3555  Attachment 10-B  See Page 4 of 6

Date of Credit Approval must be after the above waiting period to be eligible for USDA financing after hardship.

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2016 Conventional (Fannie Mae) Guidelines

  • Bankruptcy – You may apply for a Conventional, Fannie Mae loan after your Chapter 7 bankruptcy has been discharged for FOUR (4) years, TWO (2) years from the discharge of a Chapter 13
  • Foreclosure – You may apply for a Conventional, Fannie Mae loan SEVEN (7) years after the sale date of your foreclosure.  Additional qualifying requirements may apply,
  • Short Sale / Deed in Lieu of Foreclosure –
    • UPDATED – Effective 7/29/2014:  Waiting period for subsequent foreclosure that was included in Bankruptcy is waived.  If mortgage is included in Bankruptcy, waiting period defaults to FOUR (4) from the discharge date.
    • UPDATED – Effective 8/16/2014:  Short Sale or Deed in Lieu of Foreclosure not included in a Bankruptcy has a new Waiting Period of FOUR (4) years from date your name is removed from title.  This replaces the ability to buy in 24 months with 20% down payment and minimum 680 credit score.
    • SEVEN (7) Years above 90% Loan to Value | with less than 10% Down Payment – Subject to Private Mortgage Insurance underwriting guidelines.

Credit must be re-established with a minimum 620 credit score.

Click Here to Find a Lender

Fannie Mae has reduced waiting periods in cases of extenuating circumstances – The death of a primary wage earner seems to be the only one I have been able to identify up to this point.

Date of Credit Report must be after the above waiting period to be eligible for Conventional financing after hardship.

2016 Jumbo Mortgage Guidelines

  • Bankruptcy – You may apply for a Jumbo mortgage loan once any chapter of bankruptcy has been discharged for FOUR (4) years, FIVE (5) years if multiple bankruptcy occurs on credit profile.
  • Foreclosure – You may apply for a Jumbo mortgage loan SEVEN (7) years after the sale date of your foreclosure.  Additional qualifying requirements may apply,
  • Short Sale / Deed in Lieu of Foreclosure – You may apply for a Jumbo mortgage loan:
    • SEVEN (7) Years from Short Sale or Deed in Lieu of Foreclosure with Maximum 80% Loan to Value
    • NOTE: There are investors out there that will allow you to buy again in FOUR (4) years after a short sale, but expect higher rates, higher fees, and possibly larger down payment requirement.  Jumbo lenders have not yet loosened up the qualifying guidelines for buying after a hardship.
    • It may make financial sense to consider a portfolio Jumbo lender that offer high rates, so that you can take advantage of today’s market.  Once your short sale is seasoned, refinance into a more favorable, longer term loan.

NOTE:  If hardship is the result of an extenuating circumstance, waiting periods may be reduced.  Contact lender for details.

Preparing to Buy Again

You should begin looking at your credit at least six (6) months before you are ready to buy again.

Quite often there are things left over on your credit report that can delay your ability to qualify.

With a little head start and good advice, you can get your credit in line, qualify for financing and buy again in the lowest priced real estate market that California has seen in years and years!

We specialize in these situations so feel free to drop me an email, call or leave a question below.

1195 comments
JasonFLL
JasonFLL

Well written / organized Scott-


Any advice for me?      Fiance and I want to buy a  home and a number of key attributes we have covered  (except for one challenging one)-


My circumstance:

-Income relatively high:  mine $220k,  Hers $80k

-very little debt for either of us-    income to debt ration rock solid

-Credit scores: mine 660,   hers  810

-Downpayment:  we are in a position to put down a significant down payment if need be   as much as ~25-35%

-Challenge:    I have a short sale from last July       -   it is literally the only blemish on my considerable credit history over past 25 years


I understand there are minimum waiting periods before traditionally backed loans will even consider a new mortgage to someone with a short sale as recent as mine-     so my question is:


Is there any non traditional / atypical path we can explore that might allow us to secure a mortgage now instead of waiting 2,3,4 years?


Thanks for the advise and consideration Scott-          Best,   Jason

ScottSchang
ScottSchang moderator

@JasonFLL Thank you for the well laid out question Jason.  The answer is yes, with 25% to 30% down, there are portfolio loans available with your DTI and credit scores.

There wasn't a BK prior to the short sale by any chance?

The longest you would have to wait would be 3 years from the short sale for FHA, 4 years for conventional.

What State are you trying to buy in?  If you can shoot me an email to scott@findmywayhome.com, I can try to recommend someone than can help

JasonFLL
JasonFLL

@ScottSchang @JasonFLL   Thoughtful response-  thanks Scott               No BK, I'm in Florida, and I will send you an email now-    

Jeb3779
Jeb3779

Short sale in June 2013 bc of a job relocation. Anyway this could be an extenuating circumstance to get a jumbo loan? Want to buy a house before the 4 year mark

Thanks!

gouldmarston
gouldmarston

Hi Scott,


I'm trying to understand what my waiting period is based on my particular circumstances.

I had a short sale that closed in Oct 2013 due to a divorce. 

Prior to our divorce, I was giving my ex-wife the mortgage to send in, however rather than pay the mortgage, she just pocked the cash.


Since that time, I have remarried. My wife owns a townhouse with a good amount of equity.

We both have strong credit ratings. Mine is 755 hers is 800. 

We live in Seattle / King County where I believe, when we are past whatever waiting period is necessary, there is a higher non-jumbo loan available.

That being said, we're looking at properties that would probably require a mortgage of $600k.

We have no debt, total assets now of around $800k and a total income over $250k


Thoughts?

ScottSchang
ScottSchang moderator

@gouldmarston With just over 2 years from short sale (I assume your name was on the sales contract?) there are portfolio loans that you would not be embarrassed to admit you have.  Some of these programs have decent rates (single digit) and are usually short term ARMs, sometimes even interest only.  


You should be eligible for the best rates and fees on a traditional Jumbo loan 4 years from a short sale.  I say should because some investors today will  follow fannie mae guidelines, but there's no requirement that they do.  


Jumbo lenders can make their own rules, so it's a good idea to keep your eyes open, and keep scanning the web for someone that says they can do it. I would actually start by asking a Realtor or 4 in an area where home values are high enough that a Jumbo loan is required.


One other option, maybe not a great option, but an option just the same, would be if your wife could qualify without your income.  I'm sure you've thought of that, and just in case someone that read this hasn't thought of it, I wanted to put it out there.


Hope that helps?

hopefulca
hopefulca

Hi Scott, 


Sorry to be redundant since you have already answered this questions for the most part..However I have a twist..BK discharge 2010, did NOT mark the paperwork surrendered, but never reaffirmed. After a long battle with unemployment and the bank, ended up doing a deed in Lieu in March 2012.  Given the rule that the BK 4 years takes first, does it matter that the BK paperwork says Retained?  Or does that change the ability to purchase? 


My credit report states discharged in BK and also notes that the loan will be off my record 2/2016? Do I have any immediate options for conventional as FHA maximums are not high enough for my location. I can do 10% down, however do I have to put 10% down?


Thank you

ScottSchang
ScottSchang moderator

@hopefulca It does not matter how you addressed the property during the petition stage of your BK, as long you can prove that it was discharged.  There is a document that you should be able to get from your BK attorney, it's the mailing list that the court uses to notify your creditors that their debt has been discharged . This is where the guideline gets tricky as well.  Fannie Mae guidelines only specifically address foreclosure, not deed in lieu that happens post discharge.

You are eligible for conventional financing now.

What State are you in?  I have a pretty good network of lenders across the Country that are familiar with the guidelines, and have experience with these types of scenarios.


ScottSchang
ScottSchang moderator

@Hillbilly0611 FHA considers the BK, and the deed in lieu as 2 separate events.  FHA has a 2 year wait for BK, and a 3 year wait from the DIL.  Conventional will allow as low as 3% down, 5% at the most.  If you have USDA eligible areas near you, they follow similar guidelines as conventional, which is 3 years from the discharge of the BK.

Hillbilly0611
Hillbilly0611

I live in nj and just whent though the same thing mortgage was in my bk discharge in 2012 nevet reaffirm and did a dil last week how long should i wait to look..

ScottSchang
ScottSchang moderator

@Hillbilly0611 USDA requires no down payment.  Better yet, if the appraisal comes in higher than the sales price, you can finance the closing costs up to 103% as well.  Keep your money in your 401k if you can.

ScottSchang
ScottSchang moderator

@Hillbilly0611 you would be able to buy in 4 years from the bk discharge date.  Sounds like you can buy in 2016 using conventional financing.  If you have challenges finding a lender that knows the guidelines, send me an email to scott@findmywayhome.com and I can refer someone that can help.

Hillbilly0611
Hillbilly0611

Ok i have been looking at usda areas. .those are normally no money down right..3.5% is a no issue for me as i can take that from my 401k

Hillbilly0611
Hillbilly0611

Awesome i will be contacting you..thank you so much for the help.

renee225
renee225

I have a question/dilemma. I was the co borrower of my father's house. My father was the borrower. I was not the overseer of his finances. In 2013 my father's health began to fail and he had a stroke. I thought his mortgage payments were being automatic deducted from his account monthly only to find out after his death (11/2013) that his payments were several months behind. I tried to sell the house to prevent a foreclosure. Nashville is such a popping city. Everyone I reached out to help sell the home really dragged their feet because they wanted to flip the house and resell. I lost that battle. Now I'm faced with a foreclosure on my credit repost that has nearly ruined my life. Since the foreclosure I have gotten my credit score up to nearly 700. I would love to buy instead of RENT. I cant see myself paying the ridiculous price of a apartment when I can I purchase a home with lower payments. The rent here is outrageous. With everyone moving here from different locations the price has double even triple in price. It's much better for to buy a home instead My question is I was told that I may be allow to apply for a loan due to extenuating circumstances of my father's death. Is this possible? The house was sold the end of 2014.

ScottSchang
ScottSchang moderator

@renee225 I think you would qualify for extenuating circumstances based on the passing of your father.  The definition of extenuating circumstances is a one time event, completely outside your control.  The examples that fannie mae, and FHA give for extenuating circumstances is death of a primary wage earner.  It sounds to me like this would qualify.

You are trying to buy in Nashville?  If you send me an email to scott@findmywayhome.com, I can introduce you to someone that can help.

Mia Bella
Mia Bella

We had a short sale 3 years ago. I'm  currently  the executor of my mother's  estate  and would  like to purchase  her condo as an investment  property . My siblings  and I  have  agreed  on a price. Neither  of  them  is in the  position  to  buy the property . Mother  had a heloc on the property  that I  have been paying through  the  estate. Would  I  be  able  to  obtain  a conventional  mortgage  on the property ? My portion of the property  would  cover the 20% down. Or I  could  get  that 20% down  from my own he loc. My income  is over 100k and fico is 740. The short sale  was from a second  property  we bought  at the height  of  the  market ,  we have never  missed  a  payment  on our primary  residence  of 28 years. This  condo would  be  a  very good  opportunity  for us. Or I  could  sell it and  just pocket  the cash. But there is some sentiment  attached  to the  condo, and I   may want  to  live  in  it some  day and rent out the larger home  I'm  in. Or do I  have to delay purchasing  this property  until  I  reach the  4 year mark? I   don't  know  what  my  siblings  would  have  to  say  about  delaying  their  inheritance  for another  year .

Thank you . 

ScottSchang
ScottSchang moderator

@Mia Bella The conventional guideline of 4 years from a short sale is pretty solid, there is not way around it unless you can show extenuating circumstances (which most people cannot).  With that credit score, and 20% down payment, I would seriously consider a portfolio loan.  The rates and fees might be a little higher, but it would get you into the property now, and you can refinance it in a year.

What State are you located in?

Mia Bella
Mia Bella

I'm in California. What is a portfolio loan? I'm actually not far from you in north county san diego. I wouldn't mind talking to you. Let me know and I will contact you.

ScottSchang
ScottSchang moderator

@Mia Bella shoot me an email at scott@findmywayhome.com, I'm happy give you more details about portfolio loans.

Eileen Vincent
Eileen Vincent

Hello Scott. I'm currently going through divorce in CA and planning to recolcate to NJ after. The house is his so I will be a first time home buyer, but there is a chance I have to file bankruptcy. What are my chances on buying a house in NJ?

ScottSchang
ScottSchang moderator

@Eileen Vincent If there's a chance you have to file bankruptcy, you would have a waiting period before being eligible to use fannie mae conventional, FHA, VA or USDA.  There are portfolio lenders that will lend with a large down payment 1 day out of bk.

Eileen Vincent
Eileen Vincent

Thanks for the fast response, Scott. Do you meant that if I have at high downpayment (at least a 35%) and a very good collateral, I can buy a house right after bankruptcy?

ScottSchang
ScottSchang moderator

@Eileen Vincent Yes, it's called a portfolio loan, or private money.  35% down should put you in the market for one of those programs.  Your credit scores should go up pretty quickly after the bk as long as you begin proactively building good credit.

The best way to do this is start with a secure revolving credit card as soon as your bk is discharged.  Pay it off each month.

Timing will have a lot to do with the terms of the loan.  The sooner after the bk, the higher the rates and down payment.

chris330r
chris330r

Ch7 discharge July 2015. Not reaffirmed mortgage but still making timely payments monthly and up to date. Currently about 30k equity in home.

I want to sell next spring of 2017 and use the equity from the sale to put 20% down payment on new home with FHA loan. Will I be able to qualify July 2017, and will having the 20% down payment in cash help?

I already have 3 unsecured credit cards since discharge with total $3,000 credit limit that is never late and will continue making timely payments. Assuming my credit score stays at 650 or over, on time credit, and 20% down payment, will I be good to buy again next summer after sale of current home? 

chris330r
chris330r

Was my query too difficult for you to answer?! 

ScottSchang
ScottSchang moderator

@chris330r I'm so sorry Chris!  I don't know how I missed this - Your timelines are accurate - FHA requires a 2 year wait from the discharge of the BK.  As long as you are current on the mortgage now, and moving forward, you can buy using FHA with as little as 3.5% down.  Making a larger down payment on an FHA loan will only lower your payment because of the lower loan amount, it does not impact your ability to qualify.

Based on your current credit scores, you are ok, and should have no challenges qualifying.

chris330r
chris330r

@ScottSchang @chris330r Thanks so much for the helpful information Scott. I was wondering why my post was being skipped over lol. No worries! 

I prefer putting that 20% down to avoid the mortgage insurance and also keep my monthly PITI at $650 or less based on an $80k small home in the Buffalo, NY area, Thanks again! I'm relieved to know that my plan is possible for next year!

ScottSchang
ScottSchang moderator

@chris330r @ScottSchang Yes, your plan is possible for next year, but you will have to use FHA financing, and you will still have mortgage insurance, because it's FHA.  Conventional financing requires a 4 year wait after the discharge of a BK.

I would get into the home now with FHA mortgage, and refinance it in 2 years when you're eligible for Conventional

chris330r
chris330r

@ScottSchang @chris330r Oh thanks for that info. I didn't know FHA requires mortgage insurance even if you put down 20%. (CAN you still put 20% down on an FHA?) And is that for the term of the loan or just partial?

Either way, it's not too big a deal. I'll just have to adjust my monthly budget estimate to reflect about 50/more monthly to accommodate the MIP.

ScottSchang
ScottSchang moderator

@chris330r @ScottSchang Yes, you can absolutely put 20% down, and the mortgage insurance premium is a little less than if you put less than 10% down.  Unfortunately, the mortgage insurance on FHA is required for the term of the loan.

chris330r
chris330r

@ScottSchang @chris330r I see. My current loan was made in 2012 before the change, so my MIP would end in 2021 if I stayed here. But as tempting as that is, I really cannot take any more FL summers and would rather just cough up the MIP on the new loan up north! Thanks so much...Your advice was a big help and much appreciated! 

YoYo2day
YoYo2day

I filed for Chapter 7 and this was discharged Feb. 2015. I would like to stay in my home permanently. My home was built 1910 and needs an update. Would it be possible to construct a new home on property after Chapter 7 discharge? 

YoYo2day
YoYo2day

@ScottSchang @YoYo2day Great information and thank you for your quick response. Yes, I want to stay in my home. I had some setbacks after the discharge due to sudden illness and was behind three months on my mortgage. The bank offered a home modification loan in order for me to stay here. I applied and will get a response in 30 days. Apparently, they told me that they see no problem in reference to the home modification going through. (I was never behind on my mortgage before.) I am thinking that if this goes through, I would like to upgrade. Many homes in my area are in foreclosure and I know several people who are in the foreclosure process three years and more. I cannot do the "waiting game" and rather stay in the home that I placed so much investment into. I would lose rather than win if I walk away. It is good to know that there are options available for me after the matter is resolved. I am willing to wait 2 or 3 three years.

ScottSchang
ScottSchang moderator

@YoYo2day Good afternoon, ok, there are a couple of questions here - first, you would like to stay in your home permanently?  No problem, just continue to make your payments on the loan.  Discharging a mortgage in BK does not mean that the loan goes away, or that you cannot live there.  If you pay, you can stay.

As far as constructing a new home on the property, you can do anything you like with the property, the question is "when".  The loan you would use to do the construction will have guidelines for when you would be eligible following the discharge.

Hope this helps?

FrustratedinIL
FrustratedinIL

Hi there, I would really appreciate some help and good guidance regarding my husband and I's situation. We live in Illinios. We filed chapter 7 bk in 2013 and included our house which was at the time in process of foreclosure, bk was discharged in May 2013 and our house went to the sheriff sale August 13,2013. Our BK lawyer had told us at the time we would have to wait 2yrs from discharge date before trying to buy another house, which would have meant that August 2015 we would have been good to purchase again. We were not ready to buy at that point but are now, but now we have been told that guidelines have changed and that we have to wait 3yrs from the SHERRIFF SALE date (8-13-13)and not the BK discharge date(5-11-13)... I am beyond frustrated and do not know who to believe or who to listen to. Am I wrong in my logic of thinking that if we waited the 2yrs from our BK discharge date that just because the guidelines have been changed to a longer wait time how and why would that apply to us? Seems unfair to make us have to wait another year longer, seems like we are being penalized due to new rules in the guidelines when we already fulfilled the 2yr wait time. I feel like the new guidelines would take effect from the date that they were put in place going forward and not apply to situations prior, if the FHA decides to make changes every year that alter the wait time or criteria that is mandatory to apply for a mortgage and makes it "applies to all" kinda scenario and not just from the date implemented going forward we might be waiting forever before we can get mortgage?!?! Please help! Thank you!!!

Sincerely Amy S

househunter
househunter

Hello, I filed chapter 13 2009, discharged 12/14, my mortgage was included in BK I do not have a foreclosure or short sale on my credit. I have been approved for FHA but I would like to qualify for jumbo conventional, 2 years will be up 12/2016. Do I have to wait exactly 24 months after discharge? I have 10% DP, credit score 700+

ScottSchang
ScottSchang moderator

@househunter Unfortunately you would have to wait the 24 months before signing loan documents on a new home loan following the discharged date of the Chapter 13.  A foreclosure or short sale would not show on your credit, however it is a matter of public record.  What date(s) did either of these events occur?  Did you include multiple properties in the BK?

The reason I ask is that many lenders do not understand the guidelines, and will offer false approvals based on a lack of experience and education.  FHA will allow you to buy in 2 years from the discharge of the BK, and there is an additional waiting period of 3 years from the date your name was removed from title through foreclosure, short sale, or deed in lieu of foreclosure.

If you've met these waiting periods, a high balance FHA would be the best option by far.  Interest rates on FHA are significantly lower than conventional rates right now.  I think you will find that FHA is not a bad option for allowing you to get back into the market before rates and/or prices increase in the future.

Hope this helps?

househunter
househunter

@ScottSchang @househunter 

Thanks for the quick response. My area exceeds the FHA loan limits, the down is quite high. With my gross income and no debt I can afford a hefty mortgage and refinance. FHA fees are lost money. The home does not show on search as short sale or BK only Chap 13.  Discharge 24 months out in 12/2016, sounds like I should wait?  Thanks.

ScottSchang
ScottSchang moderator

@househunter @ScottSchang Ahhh..ok, FHA loan limits would be a problem.  I know the home does not show on search, but it's still going to come into play if you apply for a new loan.  What date was the short sale completed?  If FHA is not an option, then waiting until 12/2016 would be the only option for conventional.

The last option, and not saying it's a great option, is a portfolio lender.  You could get away with as low as 10% down with your credit score, but the rates are going to be much higher than conventional financing.

As long as your name is off title to the home that was discharged through the BK, Conventional high balance would be the least expensive way to go.

At least as of today (January 2016), there isn't a better option than waiting out the BK waiting period.

ScottSchang
ScottSchang moderator

@househunter @ScottSchang What State are you trying to buy in?  You can shoot me an email to scott@findmywayhome.com and I will see if there's anyone I can recommend

ScottSchang
ScottSchang moderator

@househunter @ScottSchang I am a lender in California - feel free to shoot me an email, or give me a call if you have any other questions or would like to discuss some of these alternative options.  My cell is 714-336-8286

elismom
elismom

We filed chapter 7 bankruptcy and were discharged in 2011. Our 1st and 2nd mortgages were not reaffirmed but we have continued to pay and are current on both. My husband is having some serious heath issues and we need to relocate closer to his doctors and treatment centers. We are getting conflicting info from every lender we talk to regarding our current home. Some say we have to sell it or qualify for both mortgages (our current home and the one we want to buy). If we choose to rent it out, we can only use 75% of the rent to offset the mortgage payment on that home. Others say we have to have 25% equity in our current home to even be able to rent it out. We live in Washington state and sure could use some good solid advice.

Jeb3779
Jeb3779

Short sale finalized in June 2013. Found a house we want to buy but need a jumbo loan. I'm told we need to wait 4 years and we must put down 20%. We are in NY. Is there a way around this?

ScottSchang
ScottSchang moderator

@Jeb3779 That sounds accurate for Jumbo financing.  Most jumbo lenders will actually require a 7 year wait from a short sale, so that sounds like you've got a good program there.  Jumbo lenders do not necessarily follow Fannie Mae guidelines, so you will find that the waiting periods will vary from lender to lender.  

There are certainly ways around the waiting period, you are looking for a portfolio lender.  Portfolio lenders are going to have much higher interest rates, and may require 20% down, or even more.  These are great loan options to get you into the home, and start earning equity, but you will not be bragging to any of your friends about the interest rate or closing costs.

Hope this helps?

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