It’s Time to Buy Again!
Bankruptcy/Foreclosure Waiting Periods for Housing and Credit Events
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CONVENTIONAL
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Chapter 7 Bankruptcy |
4 years from discharge date or dismissal date |
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Chapter 13 Bankruptcy |
2 years from discharge date or 4 years from dismissal date |
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Multiple Bankruptcy Filings in the Last 7 Years |
5 years from latest discharge date or dismissal date |
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Foreclosure |
7 years from completion date |
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Deed-in-Lieu of Foreclosure |
4 years from completion date |
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Pre-foreclosure, Short Sale, or Prior Loan Modification |
4-7 years-Max LTV allowed by program |
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Consumer Credit Counseling |
Must be approved by AUS |
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FHA |
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Chapter 7 Bankruptcy |
2 years from discharge date or dismissal date |
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Chapter 13 Bankruptcy
|
year of the payout period must have elapsed and payments made on time |
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Foreclosure, Deed-in- Lieu of Foreclosure, Pre-foreclosure, Short Sale, or Prior Loan Modification |
3 years from the completion date |
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Consumer Credit Counseling |
1 year of the payout period must have elapsed and payments made on time |
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USDA Rural |
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Chapter 7 Bankruptcy
|
3 years from the discharge date or dismissal date |
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Chapter 13 Bankruptcy
|
year of the payout must have elapsed and payments made on time |
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Foreclosure, Deed-in-lieu of Foreclosure
|
3 years from the completion date |
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Pre-foreclosure, Short Sale, or Prior Loan Modification
|
3 years from the completion date |
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Consumer Credit Counseling
|
1 year of the payout period must have elapsed and payments made on time |
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VA |
|
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Chapter 7 Bankruptcy |
2 years from discharge date or dismissal date |
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Chapter 13 Bankruptcy |
2 years of the payout period must have elapsed and payments made on time |
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Foreclosure, Deed-in-Lieu of Foreclosure |
Foreclosure – 3 years seasoning; Deed-in-lieu/short sale – 2 years seasoning |
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Pre-foreclosure, Short Sale, or Prior Loan Modification |
2 years from completion date |
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Consumer Credit Counseling |
1 year of the payout period must have elapsed and payments made on time |
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NON QM |
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Any Credit Events Listed Above |
No Minimum Waiting Periods – Loan Terms/LTV Vary – Call for Details |
Kevin McQuown / Broker-Owner / kevin@ezdirectloans.com / D 949-269-8992 / C 949-433-2946 / ezdirectloans.com
We've been helping customers afford the home of their dreams for many years and we love what we do.
Company NMLS: 1784844
www.nmlsconsumeraccess.org
200 Spectrum Center Drive Suite 300
Irvine, California 92618
Phone: 866-266-6620
Text us at - (424) 232-0409
kevin@ezdirectloans.com
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