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As with a conventional loan, if you can prove circumstances beyond your control caused the foreclosure, you may be able to request a shorter waiting period. VA loan (2 years) – For veterans and ...
The typical waiting period after a foreclosure is just two years with a VA loan. Compare that to three years with an FHA loan and up to seven years for a conventional mortgage.
For example, while conventional loans may have a seven-year waiting period if you had a past foreclosure, Tooley says that FHA loans have a standard three-year waiting period, while VA loans have ...
Bankruptcy waiting period. Foreclosure waiting period. Conventional loan. 4 years for Chapter 7 or Chapter 11 (2 years with exceptions); 2 years from discharge or 4 years from dismissal of Chapter 13
Depending on whether you filed Chapter 7 or Chapter 13, it'll take two or four years to qualify for a conventional mortgage, one or two years for FHA or VA loans, and one or three years for USDA loan.
“However, there’s typically a two- to four-year waiting period, depending on your bankruptcy type, financial situation and the mortgage you want.” Government-backed loans, like FHA loans and ...
Loan type. Minimum waiting period. Conventional. 2-4 years with exceptions. FHA. 3 years with exceptions. USDA. 3 years. VA. 2 years with exceptions. Non-qualifying (non-QM)
For the most part, conventional loans have stricter eligibility requirements and guidelines than VA loans. You’ll also need to purchase private mortgage insurance (PMI) if your down payment is ...