⏳ Waiting Periods After Bankruptcy, Short Sale, or Foreclosure

Life happens and sometimes financial hardships like bankruptcy, short sales, or foreclosure can delay your dream of homeownership. But the good news is, those setbacks don’t have to keep you out of the housing market forever. The key factor? Your waiting period depends on the type of loan you choose.

📌 FHA Loans: More Flexible Options

• Waiting Period: Typically 2–3 years after bankruptcy, short sale, or foreclosure.

• Why It Helps: FHA loans are designed to make homeownership more accessible, so you may be able to re-enter the market sooner.

📌 Conventional Loans: Stricter Guidelines

• Waiting Period: Usually 4–7 years depending on your specific hardship.

• Why It Helps: Conventional loans may take longer, but they often provide more competitive rates once you’re financially stable.

✅ Bottom line: If you’re eager to get back into homeownership sooner, FHA loans may be your best option. If you have time to rebuild your credit and savings, Conventional loans might work in your favor.

🌟 Why Work with LJ Mortgage Team Inc.?

Every borrower’s journey is unique. Our team can help you evaluate your financial recovery timeline, compare loan options, and guide you toward the best path for your homeownership goals.

📞 Ready to plan your comeback? Let’s talk today!

📝 Disclaimer

LJ Mortgage Team Inc. NMLS# 2120286Purchase & Refinance

NYS Registered Mortgage Broker, NYS Dept. of Financial Services. Broker arranges mortgage loans with third-party providers. MORTGAGE BROKER ONLY, NOT A MORTGAGE LENDER OR MORTGAGE CORRESPONDENT LENDER. Licensed By The N.J. Department Of Banking And Insurance, Is A Mortgage Broker And Arranges Loans With Third-Party Providers. We Do Not Make Any Mortgage Loan Commitments Or Fund Any Mortgage Loans.

NMLS ID # 2120286 www.nmlsconsumeraccess.org