Waiting Period for a Repurchase When Dealing With a Past BK, Short Sale or Foreclosure

waiting

Conventional Financing:

Bankruptcy (Ch 7 or Ch 11) – 4 years after discharge date

Bankruptcy (Ch 13) – 2 years from discharge date or 4 years from dismissal date

Foreclosure – 7 years 

Deed-in-lieu of Foreclosure or short sale or pre-foreclosure

  • 2 years with 20% down
  • 4 years with 10% or down

 

FHA Financing:

Bankruptcy (Ch 7 or Ch 11) – 2 years after discharge date

Bankruptcy (Ch 13) – 1 year from the payout date. (participation in a consumer credit counseling service falls under the same guidelines as a Chapter 13 Bk

Foreclosure – 3 years

Deed-in-lieu of Foreclosure, short sale or pre-foreclosure – 3 years

*Important Note: If the borrower was current on their mortgage for the previous 12 months prior to the short sale AND the short sale serves as payment in full AND the borrower meets all other FHA guidelines then theborrower has NO waiting period to close on a FHA loan right after the short sale.

 

VA Financing:

Bankruptcy (Ch 7 or Ch 11) – 2 years after discharge date

Bankruptcy (Ch 13) – 1 year after the pay out begins

Foreclosure – 2 years

Deed-in-lieu of Foreclosure or short sale or pre-foreclosure – 2 years


Important to Note:

Even if the borrower has met the above waiting periods, it does not guarantee loan approval. There are many other factors used in determining a borrowers credit worthiness such has over all credit history, job history, debt to income ratios, etc.

 

Please feel free to give me a call at (310) 818-1011 or shoot me an email at
mcooidge@EagleHomeMortgage should you have any questions or need to run a scenario by me. I always look forward to helping!
– Michelle Coolidge

 

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  • About Michelle’s Blog

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    Michelle Coolidge-Tondu is currently serving her mortgage clients as a Vice President, Sr. Loan Originator and Certified Underwriter with over 25 years in the mortgage industry. Her passion for her profession has resulted in her achieving the ranking of Top 100 Originator in the Nation, among numerous industry achievement awards and recognitions. One of the attributing factors to Michelle's success is her dedication to remaining your trusted source for mortgage and real estate information, as well as fast and accurate pre-approvals. As Michelle reads program guidelines, updates, various blogs, and other related information, she passes on the most important information to you through this site. This site is designed to help educate home buyers, home refinancers and real estate agents on the current happening of the mortgage and real estate industry.

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