Waiting Period Time Frames
• Chapter 7 BK – 4 year waiting period from the discharge/dismissal date
• Chapter 13 BK – 2 year waiting period from the discharge date or 4 years from the dismissal date
• Multiple Bankruptcies – If there are multiple bankruptcies within a 7 year period, the waiting period is 5 years from the most recent discharge/dismissal date
• Foreclosure – 7 year waiting period from the completion date
• Deed-In-Lieu/Pre-Foreclosure Sale (Short Sale) – Minimum 3 year waiting period
• Chapter 7 BK – 2 year waiting period from the discharge/dismissal date
• Chapter 13 BK – 1 year of the payout must have elapsed and the borrower’s performance must have been paid as agreed. Document that the borrower’s current situation is not likely to recur. The court must grant permission to the borrower to enter into a mortgage transaction.
• FHA Foreclosure/Pre-Foreclosure/Sh
• VA Foreclosure/Pre-Foreclosure/Sh
Borrowers who lost their homes as a result of a direct hardship may be able to get an FHA loan in as little as one year
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