Mortgage Information Update

Financing Options available through our Lenders

Posted by Shari Orland on Tuesday, October 16, 2018 at 4:03 PM By Shari Orland / October 16, 2018 Comment

Bankruptcy, Foreclosure & Short Sale Waiting Periods

If you've lost your home to a financial hardship, we may be able to get you into a new home sooner than you think.

FANNIE MAE

Chapter 7 Bankruptcy | 4 years from discharge or dismissal date
Chapter 13 Bankruptcy | 2 years from discharge date, 4 years from dismissal date
Foreclosure | 7 years from completion date
Short Sale (Deed-In-Lieu) | 4 years

FREDDIE MAC

Chapter 7 Bankruptcy | 4 years from discharge or dismissal date
Chapter 13 Bankruptcy | 2 years from discharge date, 4 years from dismissal date
Foreclosure | 7 years from completion date
Short Sale (Deed-In-Lieu) | 4 years

FHA

Chapter 7 Bankruptcy | 2 years from discharge date
Chapter 13 Bankruptcy | One year of the payout must elapse and payment performance must be satisfactory. Buyer must receive permission from the court to enter into a mortgage.
Foreclosure | 3 years from completion date
Short Sale (Deed-In-Lieu) | 3 years from completion date

USDA