Short Sale, Bankruptcy, or a Foreclosure Before?

Here are the waiting periods before you are eligible for a new mortgage.

Check with me first as these change from time to time.

Conv. 4 yrs & FHA 2 yrs.

Conv. 2 yrs from discharge date or 4 yrs from dismissal date (FHA 2 yrs from discharge)

Actual Foreclosure

Conv. 7 yrs if home was included in Chpt 7bk wait period is same as BK above. FHA 3 yrs.

Short Sale

Conv. 4 yrs / FHA 3 yrs or no wait if the loan was current at the time of short sale for the prev 12 mos.

VA short sale

2 yrs. - Deed in lieu (Same as short sales)

Mortgage Modification

Conv 2 yrs for Refi & FHA 1 year

Credit Counseling

Conv. 1 yr & FHA 6 months-both on-time payments.