Yes, but there is a waiting period for each type of mortgage loan, except one loan type which I will get into later in this blog.
You also need to build your credit score back up by paying all bills on time and keep inquiries off your report. Inquiries from anywhere that you have applied for any kind of financing or leasing.
- FHA loans are a wait period of three years when putting a down payment of 3.5%
- Conventional loans wait period is four years when putting down a minimum payment of 5%
- Conventional Loans wait period is two years with a minimum down payment of 10% and prove extenuating circumstances beyond your control.
- USDA loans wait period has different wait periods that depend on the short sale circumstances at that time.
You can find out more detailed information about USDA Mortgage Loans by clicking on this link.
- Fannie Mae HomeReady loans are four years when putting down 3%
- VA loans are a wait period of two years and the down payment will still be 0%
- Non-QM loans (Non-Qualified Mortgage) are the very next day. This is any mortgage loan that doesn’t comply with the Consumer Financial Protection Bureau’s existing rules on Qualified Mortgages (QM). Usually this type of mortgage loan helps buyers who are not able to prove they are capable of making the mortgage payments. You generally have to have a high credit score.
You can find out more detailed information about Non-QM Mortgage Loans by clicking on this link.
Information is not guaranteed over time due to Information changes without notice from the sources in this information. Please note the date of this information.