Can I Buy After Bankruptcy, Foreclosure or Short Sale?


Conventional

Chapter 7 Bankruptcy - 4 years from discharge date

Chapter 13 Bankruptcy - 2 years from discharge date

Foreclosure - 7 years from Trustee Sale

Deed-In-Lieu of Foreclosure - 7 years from Trustee Sale

Short Sale - 2 years from Trustee Sale with 20% down

Short Sale - 2 years from completion date with 20% down




FHA

Chapter 7 Bankruptcy - 2 years from discharge date

Chapter 13 Bankruptcy - 1 year of the payout must elapse & payment performance must be satisfactory - buyer must receive permission from the court to enter into a mortgage

Foreclosure - 3 years from Trustee Sale

Short Sale - 3 years from completion date if there were late mortgage payments

(Exception: May be able to qualify immediately or one year after sale date if able to meet guidelines. Talk to a lender for more details.)




VA

Chapter 7 Bankruptcy - 2 years from discharge date

Chapter 13 Bankruptcy - 1 year of the payout must elapse & payment performance must be satisfactory - buyer must receive permission from the court to enter into a mortgage

Foreclosure - 2 years from Trustee Sale

Short Sale - 2 years from Trustee Sale



USDA Rural

Chapter 7 & 13 Bankruptcy - 3 years from discharge date

Foreclosure - 3 years from Trustee Sale

Short Sale - 3 years from Trustee Sale




Tina Hare
Tina Hare
Sales Executive