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
President/Broker
Multi Real Estate Services, Inc
Gov’t Affairs Chair – California Association of Mortgage Professionals
www.mres.com
ronh@mres.com
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