Have You Had A
Short Sale, Bankruptcy, or a Foreclosure Before?
Here are the waiting period requirements to know before you can become eligible for a new mortgage.
Bankruptcy - Chapter 7 /11
Conv. 4 yrs & FHA 2 yrs.
Bankruptcy - Chapter 13
Conv. 2 yrs from discharge date or 4 yrs from dismissal date (FHA 2 yrs from discharge)
Conv. 7 yrs if home was included in Chpt 7bk wait period is same as BK above. FHA 3 yrs.
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)
Conv 2 yrs for Refi & FHA 1 year
Conv. 1 yr & FHA 6 months-both on-time payments.