How Long Will It Be Before You Can Qualify to Buy A Home Again?

According to Republic Mortgage Home Loans, the longest wait to qualify for a new home purchase using a conventional mortgage is 7 years following surrender through a foreclosure or deed-in-lieu of foreclosure. The FHA is a bit more forgiving and you may qualify in as little as 3 years and veterans may qualify for a VA loan in as little as 2 years.

Interestingly, if you have filed for Chapter 13 bankruptcy protection, you may qualify for a conventional mortgage within 2 years of discharge and within 4 years of discharge in a Chapter 7 Bankruptcy.

Word to the wise: If you're struggling with your home payment and are thinking it night be time to let the house go, pursuing a short-sale will be preferable to foreclosure or a deed-in-lieu of foreclosure if being able to buy a new home sooner than later is important to you.

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