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Mortgage-Eligibility
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.


Contact a GMM Loan Officer for more information. Find a Loan Officer
 

 

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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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