Hello Friends!

As we continue to move through the economic recovery and the improving housing market, several new terms have arisen to describe ones financial position as it relates to a real estate purchase.

One of the those new terms is "Rebound-Buyer."   So what is a Rebound-Buyer?

A rebound buyer is one that has experienced a significant financial event such as a bankruptcy, foreclosure and/or a short sale in the past and has met the minimum requirements and wait periods to purchase a home again.  Many former homeowners have been told they will never be able to purchase again after such a significant financial event and the corresponding credit damage. This information is false and lenders all over the country are welcoming you back as clients and new homeowners again once a few terms have been met.

So what are these terms and wait periods? (Subject to Change, please contact us or your lender for current information as these can change at any time)

 

If you had a short sale;

Waiting period for FHA                 = 36 months, 3.5% down. Assistance available.

Waiting period for Conventional     = 48 months with 20% down

                                                  = 48 months with 10% down

Waiting Period for VA Loan             = 24 months

 

If you had a Chapter 7 or Chapter 13 Bankruptcy discharged; (No foreclosure or Short Sale involved)

 

Waiting period for FHA                 = 24 months, 3.5% down. Assistance available.

Waiting period for Conventional     = 48 months with 20% down

                                                  = 48 months with 10% down

Waiting Period for VA Loan            = 24 months

 

If had a home go through foreclosure;

 

Waiting period for FHA                 = 36 months, 3.5% down. Assistance available.

Waiting period for Conventional     = 7 years with 20% down

                                                  = 7 Years with with 10% down

Waiting Period for VA Loan            = 24 months

 

These are just the basic overlay wait period time frames.  These can and will change as time moves forward and more and more new loan programs are rolled out. 

We have helped dozens of rebound buyers get back into a home again.  We have the experience, skills and expertise to get the job done for you and your family. It's important to stay in touch with us and get regular updates if you are planning to purchase now or in the future. IT CAN BE DONE!

Contact us today and let us evaluate your situation and send you to one of our recommended lending professionals.