Have a short sale, bankruptcy, foreclosure or deed-in-lieu transaction on your credit?  You can buy another home sooner than you think! This guide will provide you with the required wait times, but be sure to contact us to give you a personalized assessment!

EVENT FHA VA USDA CONVENTIONAL
Forgiveness of Debt (Short Sale) 3 Years 2 Years 3 Years 2 Years: 80% max LTV/CLTV4 Years: 90% max LTV/CLTV7 Years: Per Eligibility Matrix
Forgiveness of Debt Restructuring (Short Payoff or Modification) 3 Years 2 Years 2 Years: 80% max LTV/CLTV4 Years: 90% max LTV/CLTV7 Years: Per Eligibility Matrix
Foreclosure/Pre-Foreclosure 3 Years 2 Years 3 Years 7 Years
Deed-In-Lieu of Foreclosure 3 Years 2 Years 3 Years 2 Years: 80% max LTV/CLTV4 Years: 90% max LTV/CLTV7 Years: Per Eligibility Matrix
Bankruptcy Chapter 7:  2 years Chapter 13:

Minimum 12 months with satisfactory payout and court approval

Chapter 7:  2 years Chapter 13: Minimum 12 months with satisfactory payout and court approval Chapter 7:  3 years Chapter 13:

Still open or within 12 months requires a credit waiver.

Chapter 7 or 11:  4 Years Chapter 13: 2 years form discharge date or 4 years from dismissal date.

Note: Buyer must demonstrate re-established satisfactory credit score per guidelines. Guidelines are for purchase transactions only.  Additional underwriting requirements for loan approval may apply. Not all buyers will qualify.