There are some great deals to be had in North Port. Because so many Foreclosures and Short Sales have occurred in this area, it makes it possible to get a nice, newer home, for a very affordable purchase price.
There is a flip side to this though. For all of foreclosed homes in the area, there is a homeowner who is now wondering "How long do I have to wait before I can get another mortgage?"
The answer may surprise you. Here are the waiting periods for Post Foreclosure & Short Sale:
Foreclosure:
- Conventional - 7 years
- FHA - 3 Years
- VA - 2 Years
Short Sale:
- Conventional - 2 Years (with 20% down), 4 Years (with 10% down), 7 Years (all other)
- FHA - 3 Years
- VA - 2 Years
Minimum FICO scores of around 620 (which is fairly easy to get to, even with just a few months efforts to clean things up)!
Not all banks are the same, if you find these timelines are different that what you have found...contact me! I can get you in touch with some mortgage brokers who carry loans with these timelines. They are good lenders, with competitive rates!