How Long Do I Have to Wait?

The question concerning people who’ve had a foreclosure, short sale or bankruptcy is when they will be able to qualify for a mortgage loan.  It takes different amounts of time to heal credit scores based on the event.

The following chart is meant to be a general guide for how long a person might have to wait.  During this waiting period, it’s important that the person be current on all payments and maintains a history of good credit.

 

FHA

VA

USDA

FNMA/Freddie Mac

Jumbo

Foreclosure

3 years

2 years

3 years

7 years

7 years

Deed-in-Lieu of Foreclosure

3 years

2 years

3 years

2 years
<80%

4 years
81-90%

7 years
> 90%

7 years

Short Sale

3 years

2 years

3 years

2 years
<80%

7 years
81-90%

7 years
> 90%

7 years

Chapter 7 Bankruptcy

2 years

2 years

3 years

4 years

7 years

Chapter 13 Bankruptcy

1 year

1 year

1 year

2 years

7 years

A recommended lender can give you specific information regarding your individual situation and can make suggestions that will improve your ability to qualify for a mortgage.  We want to be your personal source of real estate information and we're committed to helping from purchase to sale and all the years in between.

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