Today we’re going to talking about
Getting a mortgage after bankruptcy, short sale, or foreclosure and we’re getting started right now! (Logo Reveal) Hey, what’s going on? Im Emmett Dempsey, Mortgage Advisor with
Geneva Financial here in beautiful Port St Lucie, Florida and welcome to
another mortgage at home buying tip if this is your first time here you want to
learn more about mortgages or the home buying process in general go ahead and
subscribe to my channel and ring that Bell so you don’t miss anything okay
getting a mortgage after a bankruptcy short sale foreclosure that’s an issue
I’ve come up with a lot in my practice my job is primarily to pull credit you
know when people apply for credit apply for a mortgage that’s a very first thing
I do is pull their credit report yeah only their FICO but look at their prior
housing history which is very very important piece of your credit report so
when my clients have those issues whether through losing a job divorce bankruptcy
what-have-you they ask okay how long do I have to wait and the answer
unfortunately is really “it depends” depends on which loan that you pick. depends on your personal situation. Depends how much you know capital you have to
invest in your new purchase. I’m gonna show you that does this brief chart
right here it kind of goes over you know a lot of the different options so go and
take a look right here. The first one to talk about Fannie Mae that’s your
Freddie Mae Fannie Mae Freddie Mac short sales 4 years, foreclosure is
a 7 year wait before you get a new loan after chapter 7 bankruptcy it’s
4 years after a chapter 13 bankruptcy it’s 2 years. Your FHA and VA are
pretty similar FHA is a 3-year wait for a short
sale and foreclosure and it’s 2 years for both for bankruptcy types for a
chapter 7 chapter 13 for your VA it’s a 3-year wait short sale and
foreclosure for chapter 7 it’s a 2-year wait and chapter 13 it’s a
1-year wait. For USDA and it’s a 3-year wait for short sale and
foreclosure and 3 years for Chapter seven bankruptcy and for a 1-year for
a chapter 13 so I hope that chart was a little informative, and if you notice at
the very top they have this RHE program, so Ill go ahead and show
that chart again. You can see okay coming back you see says 1 day, 1 day
1 da. And go ahead and if you search throughout my channel for non-qm those
are the non-qm loans so yeah I won’t go too far detail but if you have capital
put down 20% or more we can get you 1 day out of short sale, 1 day out of bankruptcy so those
are pretty good loans so hopefully that was informative and if you have a
personal situation you wanted a free consultation you go put in your information there if you’ve got a short sale, bankruptcy
foreclosure, let’s see if we can’t get you to new home loan and as always if
you want to learn more about mortgages or the home buying process in general go
ahead and subscribe my channel ring that bell so you don’t miss anything thank
you so much for watching and I’ll see you on the next one! you