We’ve all been through some rough times during the past few years thanks to the economic downturn. But, now that the market is getting better, many buyers are looking to start a new chapter in their lives by purchasing a new home in Atlanta. However, just how long will those bumps and bruises on your credit report keep you from qualifying for a mortgage? Here’s a look at how long you will have to wait to apply for a loan after going through a foreclosure, short sale or bankruptcy filing.
Foreclosures:
- Conventional loans-Seven years
- FHA loans-Three years
- VA loans-Two Years
Short Sales:
- Conventional loans with 20 percent down-Two years
- Convention loans with 10 percent down-Four years
- Conventional loans with less than 10 percent down-Seven years
- FHA loans-Three years
- VA loans-Two years
Bankruptcies:
- Conventional loans-Four years
- FHA loans-Two years
- VA loans-Two years