I have gone thru a recent bankruptcy and a foreclosure 2 years ago, what options do I have in getting into small duplex rental investments and working my way up to larger multi- family in the future?
|Derogatory Event||Waiting Period Requirements||Waiting Period with extenuating circumstances|
|BK Chapter 7 or 11||4 years||2 years|
|BK Chapter 13||2 years from discharge 4 years from dismissal date||2 years from discharge and 2 from dismissal|
|Multiple BK Filings||5 yrs if more than one filing within the past 7 years||3 yrs from most recent discharge or dismissal|
|Foreclosure||7 years||3 years and 90% max ltv, must be principle residence purchase|
|Short sale||2 years and 80% max ltv||2 years and 90% max ltv|
Holy crap, that formatted crazy.
BK can be anywhere from 2-4 years, foreclosure can be 2-7 years, and short sale can be 2 years. PM me with your email and i'll send you the correctly formatted table, sorry all.
@Jesse Gonzalez sorry but the forum software doesn't support tables. Do you have a link to a neutral (non advertising) site with those rules?
@Jon Holdman yes I do, and here it is.
That goes to fannie mae, the page is 487 that has the table
Thank you. No choice but to practice for a couple years I guess?
I really appreciate your response. Thanks again.
Would portfolio lenders have different criteria? @Jesse Gonzalez
@Bill Schrimpf Sure they can, if they aren't selling to fannie and aren't underwriting to those criteria.
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