Time to Buy Again

Dated: 05/28/2019

Views: 44

For people who have experienced a distressed sale of a home and gotten their finances and credit back in shape, there can still be an unanswered question of "How long do we have to wait to qualify for another mortgage."  The loan types for the new loan will differ in amounts of time based on the event. 

The different lending authorities, VA, FHA, Fannie Mae (FNMA) and Freddie Mac (FHLMC), establish their own waiting periods.  A borrower may be eligible to qualify for one type of mortgage before another type, even though during this waiting period, that the person was current on all payments and maintained a history of good credit.

The following chart indicates how long a person might have to wait.

waiting period for distressed sales.png

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.  This process should be started before looking at homes because of the time constraints listed here can vary based on current requirements and possible extenuating circumstances of your case.

We want 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.  Call us at (970) 250-0083 for lender recommendations.

Blog author image

Amanda Hill

I am a Colorado native, born and raised in Grand Junction. I love being surrounded by family, friends, and the wonders of the Grand Valley! I am energetic, persistent, and passionate about real estate....

Latest Blog Posts

Prepaying Your Mortgage

Paying off your mortgage can provide peace of mind and is a worthy goal but is it the best thing for you to do at this time.Do you have higher interest rate debt currently?  If you have

Read More

Lower Your Cost of Housing

Homeowners still have considerable advantages from the amortization of the mortgage and the appreciation enjoyed by most homes even with taking the standard deduction instead of itemizing to take

Read More

Annual Advisory

Homeownership is a privilege and a responsibility. Even after decades of owning a home, you may still need some help to handle some of its challenges by focusing on the three "M"s of homeownership:

Read More

Rethinking Home

Rethinking HomeThe last two months of the new normal stay at home has led many homeowners to rethink the way they live in their home.  It has now become an office for working at home; a

Read More