We often get the phone call from folks who have either had a short sale or foreclosure and they want to know how long they have to wait to buy again.
While the chart below isn’t definitive (there is new legislation that allegedly allows some folks to buy earlier IF they meet very specific and arduous guidelines) it is a good guide to go by.
For the below-FHA requires 3.5% down and has both an upfront and monthly PMI which can be expensive, but it is a fast way to get back into home ownership.
For conventional, these are Fannie Mae and Freddie Mac loans and would require either 10% or 20% down per the guides below. LTV and CLTC means “Loan to Value” and “Combined Loans to Value”, meaning how much money you, the buyer must put down. Where is says 90% this means you must put 10% down. Where it says 80% it means you must put 20% down.
Max A Kallos
NMLS 156311 MLO NMLS 170267
recognized in ‘Atlanta’ Magazine as a Five Star Mortgage Professional
Endorsed by Emmy Winning Consumer Advocate Dale Cardwell!