Interest rates at 4 year lows & how to purchase a home after a foreclosure or short sale

Interest rates continue their decline, if your rate is above 3.875 on a 30 year fixed or 3.25 on a 15 year fixed give us a call at 312-896-2110 or contact us at townstone.com and let us give you some no cost refinancing options.  No cost, means no hidden costs.

Many want to know how long until I can purchase a home after a foreclosure or short sale?

Here are the parameters to obtain an FHA loan for the purchase of a new home:

Foreclosure:  To obtain an FHA loan its 3 years from the completion date, and as little as 1 year if you qualify for the “Back to Work” program.

For a short sale deed-in-lieu it’s also 3 years from the completion date. There is no wait if the borrower had no late payments in the 12 months prior to the short-sale and no late payments 12 months prior to the application date.

Chapter 7 bankruptcy:  Its 2 years from the discharge date.

Chapter 13 bankruptcy:  Its 1 year from the discharge date.