This on the Mortgage Monday show Jim Cardinal and Alexis Meeks discuss the time frames you can apply for a mortgage after a foreclosure or short sale. They also discuss how a foreclosure or short sale affects your credit and ability to apply for a new mortgage.
For bankruptcy the waiting period is not as along as a foreclosure. You will have to wait two years for a FHA loan, two years for a VA loan and four years for a conventional loan.
Foreclosures have a little longer waiting period, three years for a FHA loan, two years for a VA loan and seven years for a conventional loan.
Watch the video below to get the entire story:
(if you can’t see the video click here)
Thankfully we have Jim Cardinal, Branch Manager for Syracuse Securities {visit his website to learn more} and Alexis Meeks of Karp, Ackerman, Skabowski & Hogan CPAs {Connect with Alexis on LinkedIn} to explain what is happening in the mortgage industry, how issues will impact the home buying process and what actions to take moving forward.
You can reach them by phone at:
- Jim Cardinal | (518) 281-0077
- Alexis Meeks | (518) 828-7618
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Ryan Hanley, CIC