The waiting period for all loan products start from the time the home is transferred out of your name, not the day you move out.. This is a key point, since some lenders can take up to 2 years to foreclose even after you move out, so the lender will verify by looking at the chain of title.. The clock start when it's been sold at sale and taken out of your name.. for FHA it's 3 years, For VA it's 2 years, For conventional it's A minimum of 3 years with 20% down or 7 years, and for USDA it's 3 years. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com
William has given you a very good answer...2-3 years from the date the property transferred to a new owner is standard.
William knows what he is talking about. If your in Arizona, give him a call. If you want to buy a house in Utah, you can call me. Christian 801-682-0425 Home Loan Xperts. Corp
Often times the home is transfered back to the bank / lender prior to it being truely foreclosed or sold. I'm a lender in Indiana and I know we look at the earliest date that the foreclosed home is transferred out of the borrowers name. I can be reached at 260.440.8283 if you or someone you know is looking for financing options, feel free to contact me or pass along my information.
Depending upon the circumstances leading up to the foreclosure, you can be eligible after 1 year with FHA and 18 mos for a conventional loan. If the loan foreclosed on was a FHA loan, you may need to wait 3 years from the date of the claim paid by FHA. They keep a record in a government database of gov't loan delinquency/defaults. The only way to check that date is to have a lender check for you in 'FHA Connection'. If there was a bankruptcy involved, the waiting period 'clock' starts ticking at the discharge date. Hope this helps.
Williams answer hits it
the true answer is fha 3 yrs after the house is not in your name, and conventional is 5 to 7 yrs.. sorry but honest
William hit it Dead on!! Good Answer.
Ask our community a question.