|
Loan Type |
Situation |
Decision |
|
FHA |
Chapter 7 Bankruptcy |
At least 2 years after date of discharge or at least 1 year after date of discharge if extenuating circumstances exist. Must have re-established good credit and be able to document responsibility to manage their financial affairs. |
|
FHA |
Chapter 13 Bankruptcy |
At least 1 year into the payout period and payment performance has been satisfactory. Must have court approval. |
|
FHA |
Foreclosure or deed-in-lieu of foreclosure |
At least 3 years unless extenuating circumstances exist (i.e. serious illness, death). Must have re-established good credit. |
|
FHA |
Short Sale |
At least 1 year if current when property was short sold and all payments for the last 12 months were made on time.
At least 3 years if in default at time of short sale or pre-foreclosure. Exceptions may be made for extenuating circumstances (i.e. serious illness, death). |
|
FHA |
Strategic Foreclosure or Short Sale |
Not eligible |
|
VA |
Short Sale of non-VA home |
No waiting period to qualify for a VA loan if no payments made late.
If late payments on credit, at least 12 months of satisfactory payments. |
|
VA |
Chapter 7 Bankruptcy |
Can be disregarded 2 years after discharge.
If the bankruptcy was discharged within the last 1 to 2 years, it is probably not possible to determine a satisfactory credit risk unless both of the following requirements are met:
-reestablished satisfactory credit, and
-the bankruptcy was caused by circumstances beyond borrowers control (such as unemployment, medical bills, etc.) |
|
VA |
Chapter 13 Bankruptcy |
At least 1 year into the payout period and payment performance has been satisfactory. Must have court approval. |
|
VA |
Foreclosure or deed-in-lieu of foreclosure |
Can be disregarded after 2 years.
If the foreclosure was within the last 1 to 2 years, it is probably not possible to determine a satisfactory credit risk unless both of the following requirements are met:
-reestablished satisfactory credit, and
-the foreclosure was caused by circumstances beyond borrowers control (such as unemployment, medical bills, etc.)
If the foreclosure was on a VA loan, the applicant may not have full entitlement available for the new loan. |
|
Fannie Mae |
Foreclosure |
At least 5 years and then must have 10% down and minimum credit score of 680. No second homes or investment property. Limited cash-out refinances are allowed after 5 years.
Effective 10/1/10 - Waiting period is 7 years
At least 3 years with extenuating circumstances (i.e. loss of job, divorce, medical bills) and 10% down |
|
Fannie Mae |
Deed-in-Lieu of Foreclosure |
2 years with 20% down.
4 years with 10% down.
At least 2 years and 10% down with extenuating circumstances (i.e. loss of job, divorce, medical bills) |
|
Fannie Mae |
Pre-foreclosure Sale / Short Sale
|
2 years with 20% down.
4 years with 10% down.
At least 2 years and 10% down with extenuating circumstances (i.e. loss of job, divorce, medical bills) |
|
Fannie Mae |
Chapter 7 Bankruptcy |
At least 4 years from the date of discharge.
At least 2 years with extenuating circumstances (i.e. loss of job, divorce, medical bills) |
|
Fannie Mae |
Chapter 13 Bankruptcy |
At least 2 years from the date of discharge and 4 years from the dismissal date.
At least 2 years with extenuating circumstances (i.e. loss of job, divorce, medical bills) |
|
Fannie Mae |
Strategic Foreclosure or Short Sale |
7 years |
|
Freddie Mac |
No Information Available |
|