If you have had a foreclosure, bankruptcy, or short sale, you can buy a home. You no longer have to wait 7 years to purchase again.
Please see the below information
FHA Guidelines
Foreclosure or Deed in Lieu of Foreclosure
* 3 years from date foreclosure completed and transferred back to the bank. The date the Deed is transferred out of the borrower's name is the date that will be used for seasoning.
* Less than 3 years but not less than 12 months from date of foreclosure completion and transferred back to bank if the result of acceptable extenuating circumstances. Extenuating circumstances are defined as death in family, medical illness and not divorce or loss of job.
Short Sale
* 3 years from date sale closed and transferred to the new owner.
* No waiting period if borrower had no late payments on any mortgages and consumer debts within the 12 month period preceding the short sale AND they are not taking advantage of declining market conditions.
Bankruptcy Chapter 7
* 2 years from date of discharge with re-established credit paid as agreed or no new credit obligations incurred.
* Less than 2 years but not less than 12 months from date of discharge may be acceptable if the bankruptcy was caused by acceptable extenuating circumstances and borrower has since exhibited a documented ability to manage financial affairs in a responsible manner.
Bankruptcy Chapter 13
* 1 year payout period under bankruptcy has elapsed and the borrower’s payment performance has been satisfactory and all required payments made on time. Must have bankruptcy trustee's permission in writing to purchase.
VA Guidelines
Foreclosure and Deed in Lieu of Foreclosure
* 2 years from date of the foreclosure completion and transferred back to bank.
* 12-23 months from date foreclosure completed and transferred back to bank if credit re-established and paid as agreed and was caused by acceptable extenuating circumstances.
Short Sale
* VA does not establish a seasoning requirement for a short sale.
Bankruptcy Chapter 7
* 2 years from date of discharge.
* 12-23 months from date of discharge if credit re-established andpaid as agreed and was caused by acceptable extenuating circumstances.
Bankruptcy Chapter 13
* 1 year payout period under bankruptcy has elapsed and the borrower’s payment performance has been satisfactory and all required payments made on time. Must have bankruptcy trustee's permission to purchase.
Conventional Guidelines
Foreclosure
* 7 years from date foreclosure competed and transferred back to bank if they had NO extenuating circumstances.
* 3 years from date foreclosure completed and transferred back to bank with acceptable extenuating circumstances. Additional overlays may apply such as a 10 percent down payment and purchase of primary residence only.
Short Sale or Deed in Lieu of Foreclosure
* 4 years from date sale closed and transferred to new owner or transferred back to bank.
* 2 years from the date sale closed and transferred to back to bank with acceptable extenuating circumstances.
Bankruptcy Chapter 7
* 4 years from discharge date.
* 2 years from discharge date possible with acceptable extenuating circumstances.
Bankruptcy Chapter 13
* 2 years from discharged date and 4 years from dismissal date.
* 2 years from discharged date and 2 years from dismissal date with acceptable extenuating circumstances.
Please see the below information
FHA Guidelines
Foreclosure or Deed in Lieu of Foreclosure
* 3 years from date foreclosure completed and transferred back to the bank. The date the Deed is transferred out of the borrower's name is the date that will be used for seasoning.
* Less than 3 years but not less than 12 months from date of foreclosure completion and transferred back to bank if the result of acceptable extenuating circumstances. Extenuating circumstances are defined as death in family, medical illness and not divorce or loss of job.
Short Sale
* 3 years from date sale closed and transferred to the new owner.
* No waiting period if borrower had no late payments on any mortgages and consumer debts within the 12 month period preceding the short sale AND they are not taking advantage of declining market conditions.
Bankruptcy Chapter 7
* 2 years from date of discharge with re-established credit paid as agreed or no new credit obligations incurred.
* Less than 2 years but not less than 12 months from date of discharge may be acceptable if the bankruptcy was caused by acceptable extenuating circumstances and borrower has since exhibited a documented ability to manage financial affairs in a responsible manner.
Bankruptcy Chapter 13
* 1 year payout period under bankruptcy has elapsed and the borrower’s payment performance has been satisfactory and all required payments made on time. Must have bankruptcy trustee's permission in writing to purchase.
VA Guidelines
Foreclosure and Deed in Lieu of Foreclosure
* 2 years from date of the foreclosure completion and transferred back to bank.
* 12-23 months from date foreclosure completed and transferred back to bank if credit re-established and paid as agreed and was caused by acceptable extenuating circumstances.
Short Sale
* VA does not establish a seasoning requirement for a short sale.
Bankruptcy Chapter 7
* 2 years from date of discharge.
* 12-23 months from date of discharge if credit re-established andpaid as agreed and was caused by acceptable extenuating circumstances.
Bankruptcy Chapter 13
* 1 year payout period under bankruptcy has elapsed and the borrower’s payment performance has been satisfactory and all required payments made on time. Must have bankruptcy trustee's permission to purchase.
Conventional Guidelines
Foreclosure
* 7 years from date foreclosure competed and transferred back to bank if they had NO extenuating circumstances.
* 3 years from date foreclosure completed and transferred back to bank with acceptable extenuating circumstances. Additional overlays may apply such as a 10 percent down payment and purchase of primary residence only.
Short Sale or Deed in Lieu of Foreclosure
* 4 years from date sale closed and transferred to new owner or transferred back to bank.
* 2 years from the date sale closed and transferred to back to bank with acceptable extenuating circumstances.
Bankruptcy Chapter 7
* 4 years from discharge date.
* 2 years from discharge date possible with acceptable extenuating circumstances.
Bankruptcy Chapter 13
* 2 years from discharged date and 4 years from dismissal date.
* 2 years from discharged date and 2 years from dismissal date with acceptable extenuating circumstances.
