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WHEN CAN I GET A MORTGAGE AGAIN?


A negative credit event (foreclosure, short sale or bankruptcy) places a temporary hold on mortgage eligibility. This period can be even shorter for borrowers with extenuating circumstances. This chart outlines waiting periods by loan type and credit event.

Loan Program Foreclosure /
Deed in Lieu of Foreclosure
Short Sale Chapter 7 Bankruptcy Chapter 13 Bankruptcy
Conventional
(Determined by date of application)

7 years to the disbursement of the new loan for foreclosures

4 years to the disbursement of the loan for deeds in lieu of foreclosure

4 years to the disbursement of the loan 4 years from bankruptcy date of discharge

2 years from discharge date

4 years from dismissal date

FHA
(Determined by date of application

3 years from completion date

Less than 3 years, but not less than 12 months from completion date with documented extenuating circumstances*

3 years from completion date

Wait period not required if borrower is current on mortgage / debt and is not taking advantage of declining market conditions

2 years from bankruptcy date of discharge 1 year payout has elapsed and pay performance is satisfactory; court approval required
VA
(Determined by date of application)

2 years from completion date

Over 12 months from completion date but under 2 years – with documented extenuating circumstances*

Wait period not required

No late mortgage payments in the last 12 months

2 years from bankruptcy date of discharge

Over 12 months from discharge date but under 2 years with documented extenuating circumstances*

1 year payout has elapsed and pay performance is satisfactory; court approval required
USDA
(Determined by date of application)

3 years from completion date

Less than 3 years with a waiver issued from USDA – must have documented extenuating circumstances*

3 years from completion date

Less than 3 years with a waiver issued from USDA – must have documented extenuating circumstances*

3 years from bankruptcy date of discharge

Less than 3 years with a waiver issued from USDA – must have documented
extenuating circumstances*

1 year

Less than a year with all requirements; FHA and waiver granted by USDA


*Extenuating circumstances: temporary events beyond the borrower’s control (job loss, medical bills or death of a wage earner). Inability to sell the house after job relocation and divorce do not qualify. Events must be documented and verifi ed and are subject to underwriting review.

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4100 Monument Corner Dr., Suite 100
Fairfax, VA 22030

Toll Free: 800-867-6859

Email Us: info@gmmllc.com

Our Mortgage Loan Originators are registered and comply with the National Mortgage Licensing System (NMLS) and Registry. NMLS Consumer Accesssm, nmlsconsumeraccess.org, is a free service for consumers to confirm that the financial-services company or professional with whom they wish to conduct business is authorized to conduct business in their state. George Mason Mortgage's NMLS ID is 153400.

This is not a commitment to lend. All loan applications are subject to credit and property approval. Annual Percentage Rate (APR), and program, rates, fees, closing costs, terms and conditions are subject to change without notice and may vary depending upon credit history and transaction specifics. Other closing costs may be necessary. Flood and/or property hazard insurance may be required. To be eligible, buyer must meet minimum down payment, underwriting and program guidelines.


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