Mortgage Monday: Application Time Frames for Foreclosure and Short Sale

mortgage insuranceThis 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

We can help with homeowners insurance

If you are a first time home buyer or if you currently own a home we would love the opportunity to help you find the proper coverage at the most competitive rate for your home insurance or rental property insurance.  We are dedicated to helping you make the best decisions regarding your insurance and providing our community are resources like Mortgage Mondays are part of that dedication.

If you would like to receive a quote give us a call at (518) 456-6688 or click here to begin the process by email.

Thank you,

Ryan Hanley, CIC