In 2015, the first wave of 7.3 million homeowners who lost their home to foreclosure or short sale during the foreclosure crisis are now past the seven-year window they conservatively need to repair their credit and qualify to buy a home.
As of August 2014, new changes were made to themortgagewaiting period forforeclosuresandshort salesfor specific situations.
Foreclosures: 7 years from the foreclosure completion date (some applicants may qualify for a conventional loan only 3 years after with extenuating conditions including wage earner death, illness or job loss)
Short Sale/Deed in Lieu-Short Sale:
7 year with less than 10% down of primary residence
4 years with 10% down on the purchase of a primary residence
4 years with 20% down on the purchase of a primary, secondary orinvestment propertypurchase
2 years with extenuating circumstances, only with 20% down
Foreclosures: 3 years from the foreclosure completion date and transferred back to the lender to the credit report date
Short Sale: 3 years from the title transfer date
Department of Veterans Affairs Loans
Foreclosure: 2 years from foreclosure completion date and date transferred back to the lender
Short Sale: 2 years from previous sale closed date and new owner transfer date
This is great news for thehousing marketandreal estate investors. Morehomebuyersshould be ready topurchase over the next 8 years as they slowly come out of the foreclosure or short term window. These “boomerang” homebuyers are characterized as being Generation X (35-44 year olds) and Baby Boomers. As investors, it is important to keep the home buying audience in mind to make the propertyrehabdecisions.
Are you one of these “boomerang”homebuyers?
Author:Kate Fadden Phone: 360-483-6483 Dated: July 8th 2015 Views: 463 About Kate: ...
View our latest blog posts in your RSS reader. Click here to access.
Bellwether Real Estate is an innovative marketing company that happens to be amazing at making real estate dreams come true. At Bellwether Real Estate, we provide the highest level of customer service with our team approach, proactive marketing, cutting edge technology and innovative mindset.
South side Bellingham neighborhoodsSouth side Bellingham neighborhoods
"Heather Williams is amazing. Her help in preparing and staging our home along with excellent marketing got us a great price for our home and she skillfully negotiated all aspects of the sale. While showing us new homes she honed in on features that would best meet our needs & ensure that we would be happy with our choice long after the purchase was complete. Heather genuinely cared & provided us with the best value we could have asked for. Thanks Heather!"