Therefore if you know the repurchase rules that these 3 entities have in regards to when a buyer can repurchase again after suffering a short sale, foreclosure or bankruptcy, you will now be able to let your clients know exactly when they can purchase again! This will also help you focus your time and efforts accordingly too, for example, if you know someone who is 1 month away from being able to repurchase as opposed to 1 year, you will be able to focus more attention on the buyer who can purchase the earliest!
How soon can I purchase again after a Short sale?
Here are the time lines for when a buyer can purchase again after suffering a Short Sale and they are trying to obtain either Conventional, FHA or VA financing.
Here are the time lines for when a buyer can purchase again after suffering a Bankruptcy and they are trying to obtain either Conventional, FHA or VA financing.
Conventional . For a chapter 7 Bankruptcy it is 4 years and 2 years for a chapter 13 bankruptcy for Conventional financing.
FHA. For a chapter 7 Bankruptcy it is 2 years and 1 year for a chapter 13 for FHA financing.
VA. For a chapter 7 Bankruptcy it is 2 years, and 1 year for a chapter 13 bankruptcy for VA financing.