VA- 2 years after a short sale or foreclosure
CONV- 2 years after a short sale with 20% down payment
3 years after a short sale with 10% down payment
FHA 3 years after a short sale unless you were NOT late on your mortgage at the time of closing
then it can be right after you close on your sale.
Best of Luck!
Feel free to contact me and I will send you back an attachment that I got from my lender explaining this.
If I read the question correctly : the property went to foreclosure and never sold . If this is true , than it will be 7 years before that person can consider re-applying for a loan. Now if it did close on Short Sale terms , that person can begin in 2 years . But you must first know the terms of the short sale. To also be clear , as others have stated , if the loan was only subject to one person , than his/her partner has the ability to apply for a loan for themselves without the others history affecting them.
If i can assist with any more questions , feel free to get in touch with me.
Not to sour putting a property in one person name. If you are not married do all the paper work with an attorney at closing. The state of Illinois does not recognize the rights of a partner in a real estate transaction without signed legal documents between the two of you. That is first.
You will have to wait 3 years from discharge date for FHA and up to 7 years for some other. I recommend you also speak with a mortgage lender.
He can buy one now if you two have cash. If you are looking to get a loan, maybe you can get one without your partner. If your partner's income and credit are required, then it may take a few years before you can qualify for the loan.
With a local bank, he can also be a buyer in very short order, but I doubt anyone will do this loan to hold in their portfolio without a sizeable amount of collateral.
Other wise, with a nationally insured lender at least 36 months of FHA, and 7 years for a Fannie or Freddie backed loan.
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