As the dust begins to settle from the housing crisis, many people are wondering how they might try again to purchase a new home.
CreditKarma.com published the infographic below on how long you must wait before trying to buy a new home if you went through foreclosure, a short sale or bankruptcy. The new mortgage will depend on how much you earn, the type of loan you want and the type of hit your credit took when you defaulted on your previous loan.
A Chapter 13 bankruptcy could have you back in the running for an FHA loan in just one year under certain circumstances, according to CreditKarma. But if you were foreclosed upon, it could take up to three years for FHA and seven to get anything from Fannie Mae.
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