If you’ve had credit issues such as a foreclosure, short sale, or bankruptcy, you can buy a home again in the future. However, you might not be able to for seven years.

Most people understand that a negative life event, such as a short sale or foreclosure, affects your credit. It will also have some repercussions for mortgage qualifying purposes.

Different loan programs have different time frame requirements for the different events. It can take anywhere from one to seven years for you to be able to buy a home again, depending on the situation.

“Different loan programs have different time frame requirements.”

These days, I’m seeing a lot of Chapter 7 and Chapter 13 bankruptcies. There’s a pretty wide gap for what the different programs allow.

If you or someone you know is contemplating one of these actions it’s important that we have a conversation up front so that we can lay out a roadmap for what happened and what we can do to get you back into homeownership.

If you or someone you know is looking to buy a home, don’t hesitate to reach out and give me a call or send me an email. I look forward to hearing from you soon.