How Long Do I Need to Wait to Qualify for a Mortgage After a Kalamazoo Foreclosure?

Kalamazoo MI Real Estate – The following chart is meant to be a general guide for how long a person might have to wait for a new mortgage after a credit event like a Foreclosure, Short Sale, Deed-in-lieu of Foreclosure or Chapter 7 or Chapter 13 Bankruptcy. These time frames frequently change and each person’s situation is unique so use this only as a guide.  During this waiting period, it’s important that the person be current on all payments and maintains a history of good credit.

FHA

VA

USDA

FNMA/Freddie Mac

Jumbo

Foreclosure

3 years

2 years

3 years

7 years

7 years

Deed-in-Lieu of Foreclosure

3 years

2 years

3 years

2 years
<80%

4 years
81-90%

7 years
> 90%

7 years

Short Sale

3 years

2 years

3 years

2 years
<80%

7 years
81-90%

7 years
> 90%

7 years

Chapter 7 Bankruptcy

2 years

2 years

3 years

4 years

7 years

Chapter 13 Bankruptcy

1 year

1 year

1 year

2 years

7 years

A recommended lender can give you specific information regarding your individual situation and can make suggestions that will improve your ability to qualify for a mortgage. We strongly suggest that you contact a credit restoration company while you are in the waiting period so that you get on track and stay on track.  We would recommend GarranteedSolutions.com.  Garranteed Solutions will provide a free consultation so that you can ensure you do everything you can to purchase a home ASAP after a foreclosure.  CLICK HERE to request Garranteed Solutions to contact you!   The Veenstra Team wants to be your personal source of real estate information and we’re committed to helping from purchase to sale and all the years in between.