Experiencing a damaging credit event like a foreclosure, short sale, or bankruptcy doesn’t mean
that you will never again be eligible for a mortgage. As you prepare to buy your next home, download this useful chart prepared for us by Atlantic Bay Mortgage to see typical waiting periods before you can be pre-approved for a mortgage.
If you experienced extenuating circumstances, your wait may be even shorter than you think. Extenuating circumstances are temporary events beyond a borrower’s control, such as the loss of a job, medical bills, or the death of a wage earner. Divorce and/or inability to sell the house after a job relocation do not qualify. These events must be verified and documented, and are subject to approval by the loan underwriter(s).
Feel free to contact us, or Jim Baldasare at Atlantic Bay (jimbaldasare@atlanticbay.com) or 757-870-8387 (cell) if you have questions specific to your situation.
