Foreclosure - 5 year time period from completion date of the foreclosure (can apply up to 7 years)
- To purchase another residence requires minimum 10% down payment with a minimum credit score.
- No purchase of a second home or investment property permitted.
- Limited refinancing is permitted depending on eligibility requirements at the time.
- No refinancing permitted that allows cash-out.
- May purchase another property with minimum 10% down payment or greater sometimes.
- Limited refinancing permitted depending on eligibility requirements at the time.
- Requirements vary from lender to lender.
Bankruptcy - 4 year time period from discharge date or dismissal date of bankruptcy action
Chapter 13 Bankruptcy - 2 years from discharge date or 4 years from dismissal date
Multiple Bankruptcy Filings - 5 year time period from most recent discharge or dismissal date.
As always, the interest rate for a mortgage you may be seeking is a reflection of your credit scores and financial statements. Typically, the better your financial health, the better your interest rate. [where: 75230]