During the real estate bust Denver certainly had a huge amount of foreclosures and distressed properties in the the 2008-2009 era (yeah I was in Denver and real estate during the 85-91 era too). The owners of those properties had dings on their credit because of the late payments and the actions that were taken involved in the foreclosure. So as you read below it should give you hope…
“How long do we have to wait to qualify for another mortgage” is the question concerning people who’ve had a foreclosure, short sale or bankruptcy. The loan types for the new loan will differ in amounts of time to heal credit scores based on the event.
The following chart is meant to be a general guide for how long a person might have to wait. During this waiting period, it’s important that the person be current on all payments and maintains a history of good credit.
A recommended lender can give you specific information regarding your individual situation and can make suggestions that will improve your ability to qualify for a mortgage. This process should be started before looking at homes because of the time constraints listed here can vary based on current requirements and possible extenuating circumstances of your case.
We want to be your personal source of real estate information and we’re committed to helping from purchase to sale and all the years in between. Call us at (303) 880-5585 for lender recommendations.
If you would like to talk, drop me a line or contact me to find your next home in Denver.