Because of the housing crash and general economic weakness over the past several years, many once financially healthy families, have realized hardship. After a foreclosure, short sale or bankruptcy, there will be a waiting period before a new loan can be procured. The attached matrix is a guide to determine how long a waiting period there is for a particular loan program after a derogatory shows on a credit report. Loan underwriting guidelines are tight, in some areas getting tighter, and a moving target. So this matrix is good for today… Note: a loan modification is basically treated the same as a short sale by most lenders.
There are many variables. If you’re in California, always feel free in contacting me with any questions.
Ron Henderson GRI, RECS, CIAS
Multi Real Estate Services, Inc
Gov’t Affairs Chair – California Association of Mortgage Professionals