Conventional Loan Waiting Period After Foreclosure

Conventional loan after foreclosure You can get a conventional loan these days after a foreclosure. To get the best interest rate on a conventional loan, however, you might need to wait seven years.

Fannie Mae and Freddie Mac require a waiting period of as long as seven years after a foreclosure before a borrower can become eligible for a conventional mortgage. If you are able to prove.

Mortgage Waiting Periods After a Bankruptcy, Foreclosure, or Short Sale. How long do you have to wait before you can get a new mortgage? Mortgage waiting periods depend on what type of loan you want for your next home.

For a borrower seeking a Federal Housing Administration loan after a short sale. For foreclosures, the waiting period for a conventional loan (Fannie Mae or Freddie Mac) is generally seven years.

In order to qualify for a conventional mortgage after going through a foreclosure, you must first complete the required waiting period. The standard waiting period for conventional loans is seven years. However, extenuating circumstances may qualify you after three years.

Waiting periods for a Fannie Mae or Freddie mac mortgage loan following a short sale vary, depending on the circumstances. For a Fannie Mae or Freddie Mac loan, your waiting period will be: four years or; two years, if there are extenuating circumstances. Conventional, Private Lenders. For most other types of lenders, the waiting periods can vary.

In fact, Keller says, people who have cleaned up their credit and are otherwise qualified to get a mortgage can buy a home as soon as they have outlasted a prescribed waiting period after. a.

Conventional Loan After Foreclosure The rules for getting a conventional mortgage after you have foreclosed is that you wait 7 years. However, if there were "extenuating circumstances", such as a job loss, or something else out of your control, this may be reduced to only 3 years.

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Fannie Mae reduced the waiting period for borrowers who foreclosed after discharging the mortgage debt through bankruptcy to just 4 years! Details can be read in Fannie Mae’s Selling guide sel-2014-10.. previously, homeowners who included a mortgage in bankruptcy were forced to comply with the foreclosure and/or deed-in-lieu of foreclosure waiting period of 7 years.