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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: Conventional (Determined by date of application)

  • Foreclosure / Deed in Lieu of Foreclosure: 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.
  • Short Sale: 4 years to the disbursement of the loan.
  • Chapter 7 Bankruptcy: 4 years from bankruptcy date of discharge.
  • Chapter 13 Bankruptcy: 2 years from discharge date. 4 years from dismissal date.

Loan Program: FHA (Determined by date of application)

  • Foreclosure / Deed in Lieu of Foreclosure: 3 years from completion date. Less than 3 years, but not less than 12 months from completion date with documented extenuating circumstances*
  • Short Sale: 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
  • Chapter 7 Bankruptcy: 2 years from bankruptcy date of discharge.
  • Chapter 13 Bankruptcy: 1 year payout has elapsed and pay performance is satisfactory; court approval required

Loan Program: VA (Determined by date of application)

  • Foreclosure / Deed in Lieu of Foreclosure: 2 years from completion date. Over 12 months from completion date but under 2 years – with documented extenuating circumstances*
  • Short Sale: Wait period not required. No late mortgage payments in the last 12 months
  • Chapter 7 Bankruptcy: 2 years from bankruptcy date of discharge. Over 12 months from discharge date but under 2 years with documented extenuating circumstances*
  • Chapter 13 Bankruptcy: 1 year payout has elapsed and pay performance is satisfactory; court approval required

Loan Program: USDA (Determined by date of application)

  • Foreclosure / Deed in Lieu of Foreclosure: 3 years from completion date. Less than 3 years with a waiver issued from USDA – must have documented extenuating circumstances*
  • Short Sale: 3 years from completion date. Less than 3 years with a waiver issued from USDA – must have documented extenuating circumstances*
  • Chapter 7 Bankruptcy: 3 years from bankruptcy date of discharge. Less than 3 years with a waiver issued from USDA – must have documented extenuating circumstances*
  • Chapter 13 Bankruptcy: 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 verified and are subject to underwriting review.

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