How long will a short sale stay on my credit report? How many points on the score will I lose if I declare bankruptcy? How long until I can get a government-insured loan if the bank forecloses on my home?
You’ve probably heard some variation of these questions from your clients. If you’ve ever been unsure of how to answer, NAR has created two resources to help:
- A new FAQ sheet on FICO scores (sample questions: How long will a foreclosure affect your FICO score? How long will negative information remain on your credit report?)
- A chart describing how a short sale, foreclosure, etc. will affect someone’s ability to acquire a government-backed home loan in the future