by: Corey Schwartz

How Long Do I have to Wait

Waiting has never been my strong suit.  I screwed the pooch, ended up in a foreclosure, bankruptcy or short sale.  I didn’t want to end up there, but, I did.  How long do I have to wait before purchasing a new property?

  Foreclosure Bankruptcy Short Sale
Conventional 7 years from completion Chapter7 – 4 Years from Discharge/Dismissal

Chapter 13 – 2 years from discharge 4 years from dismissal

4 years from the completion
FHA

3 years from Completion date; FHA pays the initial claim and clears the CAIVRS

Chapter 7 – 2 Years from Discharge

Chapter 13 – 1 year of payment period must have elapsed with satisfactory payment performance and permission from the court

3 year from completion

No Seasoning if:

• Borrower made all mortgagel installment payments within the month due for the 12 mos. Prior to the short sale AND

• Made all mortgage/installment payments within the month due for the 12-mo period preeeding the date of the loan app for the new mortgage

VA

2 years from the completion

Chapter 7- 2 Years from Discharge

Chapter 13 – 1 year of payment period must have elapsed with satisfactory payment performance and permission from the court

2 years from the completion
USDA 3 years from the completion Chapter 7 – 3 Years 1rom Discharge Chapter 13 – 1 year of payment period must have elapsed with satisfactory payment performance and permission from the court

3 years from completion Exception to Seasoning

• The circumstances that caused the credit problems were temporary in nature, beyond the applicants control and the circumstances have been removed and resolved lor 12 months prior to loan application;OR

• The loan will significantly reduce or the applicants housing expenses,which will result in improved debt repayment ability

Get A Better Loan

It takes just minutes to get a quote at no cost

Get A Rate Quickly With

Facebook
Twitter
Linkedin
or
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form