Buying A Home: How Long Do I Have To Wait After Short Sale, Foreclosure And Deed In Lieu of Foreclosure?

Those folks who lost their homes in a distressed property situation might be ready to buy a home again.  The Sun-Sentinel recently reported on different scenarios based on information from Fannie Mae and the Department of Housing and Urban Development.  Below is a synoposis of the waiting periods to purchase a new home:

Foreclosure:
seven years for a government backed Fannie Mae or Freddie Mac loan;
three years for a Federal Housing Administration (FHA) loan; and
one to two years for an FHA loan if there were extenuating circumstances (e.g., illness of wage earner)

Short Sale:
seven years for Fannie Mae or Freddie Mac with less than 10% down;
four years for Fannie Mae or Freddie Mac with 10% down;
two years for Fannie Mae or Freddie Mac with 20% down; and
three years for an FHA loan

Deed in Lieu of Foreclosure:
seven years for Fannie Mae or Freddie Mac with less than 10% down;
four years for Fannie Mae or Freddie Mac with 10% down;
two years for Fannie Mae or Freddie Mac with 20% down;
three years for FHA; and
one to two years for FHA loan with extenuating circumstances

I think another strong wave of buyers will be those who were involved with a distressed property and are now on solid footing again.  I look forward to working with those buyers who are seeking the "American Dream" once again after experiencing a "rocky road."

I take an analytical approach to buying, selling and leasing real estate. I work with families, people looking for a rental home, a second home, investors, etc. As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.


For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com

Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550

An Analytical Approach To Buying, Selling and Leasing Real Estate

http://MYsouthFLrealestate.com

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