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.