How Long Do I Have To Wait?
The question concerning people who’ve had a foreclosure, short sale or bankruptcy is when they will be able to qualify for a mortgage loan. It takes different amounts of time to heal credit scores based on the event.
The following chart is meant to be a general guide for how long a person might have to wait. During this waiting period, it’s important that the person be current on all payments and maintains a history of good credit.
|
|
FHA |
VA |
USDA |
FNMA/Freddie Mac |
Jumbo |
||
|
Foreclosure |
3 years |
2 years |
3 years |
7 years |
7 years |
||
|
Deed-in-Lieu of Foreclosure |
3 years |
2 years |
3 years |
2 years |
4 years |
7 years |
7 years |
|
Short Sale |
3 years |
2 years |
3 years |
2 years |
7 years |
7 years |
7 years |
|
Chapter 7 Bankruptcy |
2 years |
2 years |
3 years |
4 years |
7 years |
||
|
Chapter 13 Bankruptcy |
1 year |
1 year |
1 year |
2 years |
7 years |
||
A recommended lender can give you specific information regarding your individual situation and can make suggestions that will improve your ability to qualify for a mortgage. We want to be your personal source of real estate information and we're committed to helping from purchase to sale and all the years in between.
