Home Buying Info

Understanding a little bit about the home buying process can help you make a more sound decision. This home buying resource center should help. Be sure to fill out a Buyers Request Form to get started.

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Please be sure to fill out our Buyer's Request form


Waiting Periods for Foreclosure, Short Sale and Bankruptcy

Waiting period to Purchase a Home after Foreclosure
FHA: 3 Years from completion of foreclosure (when the claim was paid & closed by HUD)
VA: 2 Years from completion of foreclosure
USDA: 3 Years from completion of foreclosure
Conventional: 7 Years from completion of foreclosure

Waiting period to Purchase a Home after Short Sale
FHA: 3 Years if in default at the time of the short sale.
No waiting period if they were current and not late on their Mortgage and
other installments debt at the time of the short Sale. The proceeds from the
short sale must serve as payment in full.
VA: No specific information yet treated as a foreclosure 2 Years
USDA: 3 Years
Conventional: 2 Years 80% maximum LTV
 4 Years 90% maximum LTV
 7 Years - No restrictions

Waiting period to Purchase a Home after Chapter 7 
FHA: 2 Years from discharge date
VA: 2 Years from discharge date
Conventional: 4 Years from discharge date
USDA: 3 Years from discharge date

Waiting period to Purchase a Home after Chapter 13 
FHA: 1 Year of on time payout must elapse; buyer must receive permission from the court to enter into a mortgage.
VA: 1 Year of on time payout must elapse; buyer must receive permission from the court to enter into a mortgage.
USDA: 2 Years from discharge date
Conventional: 2 Years from discharge date or 4 years from dismissal date

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