Have a short sale, bankruptcy, foreclosure or deed-in-lieu transaction on your credit?  You can buy another home sooner than you think! This guide will provide you with the required wait times, but be sure to contact us to give you a personalized assessment!

EVENT FHA VA USDA FANNIE MAE FREDDIE MAC
Forgiveness of Debt(Short Sale) 3 Years 2 Years 3 Years 3 years with ext. cir.* 3 years with ext. cir.*
Forgiveness of Debt Restructuring(Short Payoff or Modification) 3 Years 2 Years  3 Years 4 years, 2 years with ext. cir.* 4 years, 2 years with ext. cir.* (90% max LTV/CLTV)
Foreclosure/Pre-Foreclosure 3 Years 2 Years 3 Years 7 years, 3+ years with ext. cir.* 7 years, 3+ years with ext. cir.* (90% max LTV/CLTV)
Deed-In-Lieu of Foreclosure 3 Years 2 Years 3 Years 4 years, 2 years with ext. cir.* 4 years, 2 years with ext. cir.* (90% max LTV/CLTV)
Bankruptcy Chapter 7:  2 years

Chapter 13:Minimum 12 months with satisfactory payout and court approval

Chapter 7:  2 years

Chapter 13: Minimum 12 months with satisfactory payout and court approval

Chapter 7: 3 years

Chapter 13: Still open or within 12 months requires a credit waiver.

Chapter 7 or 11:  4 years, 2 years with ext. circ.*

Chapter 13: 2 years form discharge date or 4 years from dismissal date. 2 years with ext. cir.*

Chapter 7 or 11: 4 years, 2 years with ext. circ.*

Chapter 13: 2 years form discharge date or 4 years from dismissal date. 2 years with ext. cir.*

Note: Buyer must demonstrate re-established satisfactory credit score per guidelines. Guidelines are for purchase transactions only.  Additional underwriting requirements for loan approval may apply. Not all buyers will qualify. *extenuating circumstances