How Long Do I Have to Wait? - 8/12/2012
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.
