Here is a useful chart that can give you an idea of the waiting period for several credit issues. Contact me for more information.
WAITING PERIOD FOR OBTAINING A MORTGAGE AFTER SHORT SALE, BANKRUPTCY, FORECLOSURE, OR DEED IN LIEU
FHA VA USDA Conventional
Bankruptcy Chapter 7 2 years 2 years 3 years 4 years
Bankruptcy Chapter 13 1 year 1 year 1 year 2 years
Foreclosure 3 years 2 years 3 years 5 years
Deed in Lieu 3 years 2 years 3 years 4 years
Short Sale pre-foreclosure 3 years 2 years 3 years 2 years w/20%
4 years w/10%
7 years w/10%
All of the above presume re-established credit, acceptable credit scores, no late payments after action. If multiple actions occur, then worst case scenario will be applied. Additional time may be required based on credit history. Guidelines subject to change.
FOR MORE INFORMATION
Always CALL Joanne Brenenstuhl 239-470-1711
or E-MAIL email@example.com
This is not a loan commitment. A complete application processed and fully evaluated in accordance with underwriting criteria required.
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Joanne Brenenstuhl NMLS# 375376
Senior Mortgage Banker & Trusted Advisor for over 20 years
Gulfshore Life Magazine's FIVE STAR MORTGAGE PROFESSIONAL: Best in Client Satisfaction 2010, 2011 & 2012
This is not an advertisement to extend customer credit as defined by part 226.6 of Regulation Z. Interest rate, program terms and conditions are subject to change without notice. Not all products are available for all loan amounts. Other restrictions may apply. Granting of loan is subject to the credit and policy requirements.