Guidelines for Getting A Mortgage After Bankruptcy or Foreclosure

I work with a local lender, and in talking with them recently, I found out that the waiting times to buy after going through a foreclosure, short sale or bankruptcy are much shorter than I thought!  Here are the guidelines for applying for various mortgage loans available after foreclosure or bankruptcy:

Chapter 7 Bankruptcy

  • Conventional: 4 years
  • FHA: 2 Years
  • VA: 2 Years

Chapter 13 Bankruptcy

  • Conventional: 2 Years after Discharge
  • FHA: Minimum of 1 year of payout and approval of Bankruptcy Court
  • VA: Minimum of 1 year of payout and approval of Bankruptcy Court

Multiple Bankruptcies*

  • Conventional: 5 years
  • FHA: 2 Years
  • VA: 2 Years

Foreclosure

  • Conventional: 7 Years
  • FHA: 3 Years
  • VA: 2 Years*

Deed in Lieu and Pre-Foreclosure

  • Conventional: 4 Years
  • FHA: 3 Years
  • VA: 2 Years*

Short Sale

  • Conventional: 4 Years
  • FHA: 3 Years (if behind on mortgage payments at time of sale) or 2 Years (if not behind on mortgage payments)
  • VA: 2 Years*

*Wait time may be shortened due to extenuating circumstances, like death, illness or job loss

Call, text or email me today for more information!

Erica Guelinas

Erica Guelinas

Broker Associate
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