Reopen the Door to Homeownership
Dec. 27, 2016
Buying a Home After Bankruptcy, Short Sale, or Foreclosure
There is hope for people who have experienced financial hardship and want to own a home again. Underwriting guidelines have changed to make it possible!
The waiting period for purchasing a new home will depend on the scenario. Please review the chart below for more details, and call me with any questions.
Conventional | FHA | USDA | VA | |
|---|---|---|---|---|
Chapter 7 | 4 years from discharge | 2 years from discharge | 3 years from discharge | 2 years from discharge |
Chapter 13 | 2 years from discharge or 4 years from dismissal | 1 year of payout payment performance and court permission | 1 year of payout payment performance and court permission | 1 year of payout payment performance and court permission |
Short Sale or Deed in Lieu | 4 years, 2 years allowed with extenuating circumstances | 3 years | 3 years | 2 years unless there are extenuating circumstances |
Foreclosure | 7 year waiting period | 3 years from date of trustee deed | 3 years from date of trustee deed | 2 years from completion date (recording of trustee deed) |