So if the Short Sale was in February of 2010 (for instance) – and we are well past the 36 month period, let’s go buy a house! I’ve looked online, and I’ve found forum comments on Zillow and Trulia that state you can get a USDA Loan with a shorter waiting period… but in North Carolina, the USDA Loan Underwriters will generally NOT approve a loan with less than 3 years from the date the title transferred. The USDA Loan waiting period after a Short Sale is 36 months from the date of transfer.
This is a VERY document intensive program, and you will need to speak with a Housing Counselor at least 30 days prior to making loan application.
T he FHA Home Loan NC program recently announced that the waiting period after a Job loss of at least six months is now only 12 months. If we can not provide Extenuating Circumstance documentation, and you only have 10% for a down payment – then you will need to wait 7 years from the event to buy another home using a Fannie Mae (Conventional) loan. If we can not provide evidence of Extenuating Circumstance – then the waiting period is two years, as long as you make a twenty percent down payment on a home in NC. So, if you had a foreclosure, or deed-in-lieu as a result of an Extenuating Circumstance – and can wait two years from the date of transfer (so not the date that you were served the papers, the day it was actually recorded as transferring from you back to the Bank), and make a ten percent down payment. Fannie Mae considers medical illness, divorce, job loss, business closure as significant Extenuating Circumstances. There are more lenient guidelines for folks who simply saw that homes in their neighborhood were underwater, and abandoned them – as opposed to folks who (for instance) lost their jobs. See Fannie Mae, Single Family Servicing Guide, E-3.2-07, Impact of Engagement with a Mortgage Assistance Fund Program Provider () FreddieMac, Single Family Seller Servicer Guide, Mortgage Assistance Funds (effective ). If you’ve had an Extenuating Circumstance that caused the credit “disaster” then we will need to document that. In sum, servicers have discretion to halt foreclosure at HAF application. Once you do that, the waiting period after a foreclosure or deed-in-lieu for Fannie Mae is based upon the amount of money you are willing to invest in your new home. So, first off, you’ll need to have your scores repaired to the point that they are above the 660 mark. If your circumstances have changed, and you find your self now ready to buy another home in NC – there’s good news! Conventional lending through Fannie Mae has much shorter waiting periods now, and the waiting period after a foreclosure could be as little as two years.Īfter you have a foreclosure, short sale or bankruptcy – there’s a negative impact on your credit report. This has been a tough time for so many people. If you’ve been through a foreclosure in the past few years – our hearts go out to you.
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