Wait Times for diferrent scenarios and financing options
Conventional: 5 to 7 years
FHA: 3 years
Conventional 4 years with lates, 2 years w/o lates
Ch 7 or 11 BK
Coventional 2-4 years from discharge
FHA: 2 yrs from discharge
In this whole mess, there are definitely people caught in the middle. I am a strong believer, that as long as you have re-structured your credit and finances and having healthy ratios, you can ALWAYS buy again.
Do you really think a bank will loan you a couple of grand just 36 month after you lost someone elses money??
Come on man!
Good luck getting an investor (wells fargo, BoA, Chase etc etc) to buy the sub 640 loan, or a bankruptcy under 5 to 7 years
â€¢ You must have a re-established credit. This means that you have new credit and you are managing it properly.
â€¢ And finally, you must be in a position to be capable of purchasing :having min. required down, having income and having an acceptable credit (usually over 640 Fico)
For veterans and active military there is only a 2 year wait to apply for a VA home loan.
Best of luck, very sorry to hear this happened to you.