Top 4 Derogatory Credit Events and the waiting periods before you can buy a new home

Have you ever wondered how long you might have to wait after Bankruptcy, Foreclosure, or Short Sale before you can purchase your new home?

Check out the chart and see how long a lender will require you to wait before you can borrow again.

Link to the PDF here:  http://sunshineguru.com/wp-content/uploads/2013/11/Derog-Credit-Chart-Fisher-Darrow.pdf

Interestingly, I recently had a client that was able to purchase a new home just two short years after his short sale.    A wonderful confluence of events allowed him to use his VA eligibility to purchase with nearly zero money down.

He was also able to begin the mortgage process several weeks BEFORE the two-year anniversary date of his short-sale closing, so that he was able to close in a matter of days after the anniversary date passed.