If you have a foreclosure in your record, there is a seven year waiting period before you can purchase another property. BUT there is a three year waiting period if there are extenuating circumstances. Interesting huh?
If you have a deed in lieu or short sale in your credit report, the waiting period could be at least 2 years if you can put 20% downpayment on your purchase. WOW!!! Please read the above articles I have scanned for further information provided by United Lending.
Here is the good news, if you are facing foreclosure, wouldn't it be more sensible to go thru Short sales? This way, you can purchase a home again in as little as 2 years? After all, it will be a minimum of two years to probably repair your credit AND save for the downpayment to purchase a home. So if you are in this situation, PLEASE give me a call and let me see if you are a short sale candidate. Please call me at (512)786-7355 to see if a foreclosure can be avoided thru short sale.
