Waiting Period To Finance The Purchase Of Another Home


Fannie Mae 2

► Foreclosure: 7 years from the completion date
► Short sale/deed-in-lieu: 4 years
► Chapter 7 bankruptcy: 4 years from discharge or dismissal date
► Chapter 13 bankruptcy: 2 years from discharge, 4 years from dismissal

https://www.fanniemae.com/content/fact_sheet/derogatory-credit-event-fact-sheet.pdf

Freddie Mac 3

► Foreclosure: 7 years from the completion date
► Short sale/deed-in-lieu: 4 years
► Chapter 7 bankruptcy: 4 years from discharge or dismissal date
► Chapter 13 bankruptcy: 2 years from discharge date, 4 years from dismissal

https://sf.freddiemac.com/content/_assets/resources/pdf/fact-sheet/caution_remind.pdf

FHA 4

► Foreclosure: 3 years from the completion date
► Short sale/deed-in-lieu: 1 year with conditions
► Chapter 7 bankruptcy: 2 years from discharge date
► Chapter 13 bankruptcy: with a full 1 year of payout*

*With satisfactory payment history, borrowers can ask permission from the courts to enter into a new mortgage.

4 https://www.fha.com/fha_requirements_credit

VA 5

► Foreclosure: 2 years from the discharge date
► Short sale/deed-in-lieu: No specific waiting period
► Chapter 7 bankruptcy: 2 years from discharge date
► Chapter 13 bankruptcy: with a full 1 year of payout*

*With satisfactory payment history, borrowers can ask permission from the courts to enter into a new mortgage.

5 https://www.blogs.va.gov/VAntage/19931/va-busts-four-home-loan-myths-that-hurt-veteran-homebuyers/

USDA/Rural 6

► Foreclosure: 3 years from completion date
► Short sale/deed-in-lieu: 3 years from completion date
► Chapter 7 bankruptcy: 3 years from discharge date
► Chapter 13 bankruptcy: with a full 1 year of payout*

*With satisfactory payment history, borrowers can ask permission from the courts to enter into a new mortgage.

6 http://usdaloan.org/how-to-get-a-usda-mortgage-after-bankruptcy/

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