Buying after a Foreclosure or Short Sale

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Buying after a Foreclosure or Short Sale

  1. 1. Shelley Williams / swilliams@peoplesmortgage.com / Direct: 928.821.0782Conventional7 Years fromTrustee Sale2 Years with 20% Down4 Years with 10% Down7 Years for Full Eligibility4 Years fromDischarge or Dismissal Date2 Years from Discharge Date4 Years from Dismissal DateFHA3 Years fromTrustee Sale3 Years from Sale; **No waitingperiod IF no Lates on Short SaleMortgage2 Years fromDischarge Date1 Year of Payout withSatisfactory Payment Performance& Court PermissionVA2 Years fromTrustee Sale2 Years fromDischarge Date1 Year of Payout withSatisfactory Payment Performance& Court Permission*Extenuating Circumstances may lessen waiting periods. Revised 4/28/2013LO Licensing: AZ LO-0914359 NMLS-222861 Company Licensing: AZ BK—0904164 NMLS-6274USDA3 Years fromTrustee SaleNO WAITING WITHGUS APPROVALOtherwise, 3 Years3 Years fromTrustee Sale2 Years fromTrustee SaleShort Sale &ModificationsForeclosureOccurrenceChapter 7BankruptcyChapter 13BankruptcyIF Short Sale involved a VA Loan,THEN treat as a foreclosure.Otherwise, NO additional guidelines2 Years with 20% Down4 Years with 10% Down7 Years for Full Eligibility3 Years fromDeed Date2 Years fromDeed Date3 Years fromDeed DateDeed In LieuOf Foreclosure

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