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 | 4 years | 7 years | 7 years |
Short Sale | 3 years | 2 years | 3 years | 2 years | 7 years | 7 years | 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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