How long do I have to wait to buy a home after a short sale, foreclosure, or bankruptcy in Utah?

How long you will have to wait to qualify for a mortgage after a negative credit event, such as short sale, foreclosure or bankruptcy in Utah will depend on the what the current lender guidelines are at the time you apply. These guidelines are always changing.¬† In the below 2 samples, 2 Utah local lenders have outlined the waiting periods for short sale, foreclosure, bankruptcy, and deed in lou of foreclosure for originating¬† new FHA loans or Conventional loans at the time of their writing. There are some lenders, such as local banks and credit unions that will “portfolio” the loan and not sell it off on the secondary market. These types of lenders will NOT HAVE to conform to the FHA or conventional guidelines, but will have their own guidelines that may be more or less stringent.

http://investutah.com/wp-content/uploads/2011/11/Credit-Events-Matthias.pdf

http://investutah.com/wp-content/uploads/2011/11/Mauer_short-sale-recovery.pdf

If you are considering short selling your house and live in Alpine, Highland, Cedar Hills, Utah County, or Salt Lake County please call me for a free consultation. I will most likely have experience with you bank, can help you stay in your home longer and help you settle your mortgage debt. Steve Marx 801-471-7276