Short-Sale or Foreclosure : How Long is the Wait to Buy Again?

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.