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Date: February 1, 2012 |
USDA Financing Post Bankruptcy, Foreclosure, or Short Sale |
The USDA Rural Loan program requires a minimum of three years from the date of a bankruptcy, foreclosure, or shorts sale prior to the borrower being eligible for a USDA Loan. For both a Chapter 7 and 13 bankruptcies the borrower must allow three years from the discharge date prior to submitting a new loan request. If the bankruptcy included a property, whether a primary residence or investment property, the soonest a new loan can be obtained is based on guidelines that address short sales and foreclosures. |
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