So, my loan officer who works for BofA told that the new guideline require people who file bk, shortsale or turn back home to the bank, have to wait 7 yrs before they can buy another home. She said this law has passed 3 months ago.
Is that true?
Any official document out there I can read to confirm?
As far as I know, for short sales, you only wait 2 yrs for conventional loan (20% down) or 3 years for FHA loan. Please correct me if I am wrong. Not sure about bk as I am only interested to know about the waiting period after a short sale. "obtaining a loan after short sold"