Fannie Mae, FHA Mortgages, Lending Guidelines, Mortgage Guidelines

How Long Is The Wait to Buy a Home After Derogatory Credit

May 25, 2011 by · 2 Comments 

Foreclosure Yard Sign by KLH49 | iStockphoto.comWith the down turn in the economy over the past several years coupled with high unemployment, many good borrowers have been forced to make difficult decisions on which bills to pay. Generically speaking, paying the mortgage should alwys take number one priority. That is not always feasible unfortunately.

For those homeowners who were foreclosed, walked away and/or had to file bankruptcy there is life after major derogatory credit. Depending on the nature and circumstances in which you had to default on your previous home, the waiting period can be sooner than you think.

Below you will find a matrix that illustrates the governed waiting periods required for derogatory credit events.

It may not happen as soon as you would like, but there is hope. Just remember that real estate and the mortgage industry is no longer in their glory days when these type of major derogatory credit events were simple ant hills on the super highway to home ownership.

Bad things happen to good people. If you would like to speak about your specific situation and how you could get back on the fast track to home ownership, contact me today to schedule free credit review and consultation.

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James K Barath, CMPS®

James K Barath is a Certified Mortgage Planning Specialist®, Certified FICO® Professional, Certified Military Housing Specialist® and your FHA Home Loan Expert. He is also a graduate of Purdue University, The CMPS Institute, Dale Carnegie Human Relations Course & Napoleon Hill Foundation's PMA Science of Success Class. It's your home and your future. It's his profession and his passion. He is ready to work for your best interest. Contact James for your FREE Home Loan Approval !  His Motto: I Facilitate the American Dream Through Responsible Mortgage Lending and Financial Literacy!

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2 Responses to “How Long Is The Wait to Buy a Home After Derogatory Credit”
  1. Carrie Bronner says:

    James, you always have such GREAT information to share!

  2. Even though the standard waiting periods required for major derogatory credit events may seem like an eternity for most home buyers, there are alternative solutions to buy a home sooner. Keep that in mind for those home buyers who are committed to move forward.

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