Short-Sale or Foreclosure : How Long is the Wait to Buy Again?
Foreclosure – Short Sale – Bankruptcy
Seasoning Guidelines
For FHA, VA & Conventional Loans
|
EVENT |
FHA |
CONV. |
VA |
Portfolio |
|
Short Sale with no mortgage lates prior to the short sale |
No seasoning requirements BUT the borrower cannot take advantage of a declining market |
2 Years after sale with 20% down payment |
No seasoning requirements. BUT the borrower cannot take advantage of a declining market. No mortgage Lates within the last 12 months |
1 Day after Short-Sale Minimum 660 FICO Score 20% down payment |
|
Short Sale Pre-Foreclosure |
3 Years |
4 Years |
3 Years |
1 Day after Short Sale Minimum 660 FICO Score 20% down payment |
|
Deed In-Lieu of Foreclosure |
3 years from the date foreclosure was completed and transferred to the bank |
4 – 7 Years based on LTV and Investor |
3 years from the date foreclosure was completed and transferred to the bank |
1 Day after Deed In Lieu. Minimum 660 FICO Score. 20% down payment |
|
Foreclosure |
3 Years after recorded Trustee’s Deed |
7 Years after the recorded Trustee’s Deed |
3 years from the date foreclosure was completed and transferred back to the bank |
1 Day after Foreclosure. Minimum 660 FICO Score. 20% down payment |
|
Bankruptcy Chapter 7 |
2 Years |
4 Years from discharge date |
2 Years from discharge date |
2 Years from discharge date |
|
Bankruptcy Chapter 13 |
1 Year Post Petition payment have been made on time and received court approval |
4 Years from discharge date |
1 Year Post Petition payment have been made on time and received court approval |
2 Years from discharged date. |
NOTE: Not all applicants will qualify. These Programs may have a higher interest rate, more points or more fees than other Programs requiring documentation. Minimum FICO, reserve, and other requirements apply. Programs may not be available in all states. Contact your Loan Officer for additional program guidelines, restrictions, and eligibility requirements. Rates, points, APRs and programs are subject to change at any time without notice.
