Posted on: 15th Sep, 2011 01:31 am
Hi there… I filed bankruptcy which has been discharged for quite sometime now. How long do you need to wait to qualify for a mortgage if you have a bankruptcy as well as foreclosure mentioned on your credit?
Welcome Guest,
After a bankruptcy discharge and foreclosure, you need to wait for 2-4 years depending upon the type of bankruptcy you filed and foreclosure. Before that none of the lenders will be ready to offer you a mortgage. Apart from that, it will be mentioned in your credit report for 7-10 years depending upon the type of bankruptcy you filed.
After a bankruptcy discharge and foreclosure, you need to wait for 2-4 years depending upon the type of bankruptcy you filed and foreclosure. Before that none of the lenders will be ready to offer you a mortgage. Apart from that, it will be mentioned in your credit report for 7-10 years depending upon the type of bankruptcy you filed.
The reason that many people who have a foreclosure do not become home buyers is because Fannie Mae guidelines state that you must wait at least 4 years before being able to qualify for a mortgage after foreclosure and 2 years after short selling your home.
But that all changed recently with an announcement by Fannie Mae that they would allow someone who had a foreclosure to qualify for a mortgage after only 2 years as long as they have put down 20 percent as a down payment.
But that all changed recently with an announcement by Fannie Mae that they would allow someone who had a foreclosure to qualify for a mortgage after only 2 years as long as they have put down 20 percent as a down payment.