I wanted to give you the basic waiting periods for Bankruptcies, Foreclosures, and Deed in Lieu and Short Sales for FHA and Conventional loans.
Waiting periods for FHA:
Bankruptcies: 2 years. …Note, if there was a mortgage included in the BK, you need to determine when the property was subsequently foreclosed to make sure the loan meets those parameters.
It’s possible to get a loan while your in Chapter 13 Bankruptcies with at least 12 months of clean pay history, and permission from your trustee.
Foreclosures, Deeds in Lieu and Pre-Foreclosures (short sales): 3 years
Waiting periods for Conventional:
Chapter 7 Bankruptcy: 4 years
Chapter 13 Bankruptcy: 2 years from discharge, 4 years from dismissal
Multiple BK Filings: 5 years if more than one filing in the past 7 years
Foreclosure: 7 years
Pre-Foreclosure/Deed in Lieu: 2 years @ 80% LTV
4 years @ 90% LTV
7 years above 90% LTV
4 years @ 90% LTV
7 years above 90% LTV
Note: You need to have established good credit history after the bankruptcy / foreclosure.
That’s it for today!
Have a good day! …and thanks for reading.
Brett
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