Foreclosures- RULES FOR PURCHASING AFTER

Posted by Rick Delgado on Thursday, May 31st, 2012 at 6:51pm.

Foreclosures-

 If you are looking to purchase a home after a foreclosure make sure you do and or have the following:

FHA- 3 Year wait period

VA- 2 Year wait period

Conventional – 5 Year wait period

Verification of rent paid on time for 12 months (must be able to provide cancelled checks to show paid on time cannot be cash)

Cannot have any lates on the credit report since the Foreclosure date

You must have re-established credit (Accounts opened after the foreclosure date (actual deed of trust recording date)

Re – established credit is opened trade lines on your credit report for at least 12 months with no lates. Should have 3 trade lines after foreclosure.

Rick Delgado

Wonder what your home is worth in today's market? Quickly find out by clicking here. If you'd like help selling your home, please contact Rick Delgado today.

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