Post Foreclosure Bankruptcy and Short Sale

Financing

FORECLOSURE WAIT TIME:

FANNIE MAE: 7 years from completion date

FREDDIE MAC: 7 years from completion date¹

FHA: 3 years from completion date

VA: 2 years from completion date

USDA RURAL: 3 years from completion date

JUMBO: Based on specific investor guidelines²

 

SHORT SALE  DEED-IN-LIEU

FANNIE MAE: 4 years from completion date for short sale. 4 years for deed-in-lieu from completion date

FREDDIE MAC: 4 years from completion date for short sale¹. 4 years for deed-in-lieu from completion date¹

FHA: 3 years from completion date

VA: Based on specific investor guidelines²

USDA RURAL: 3 years from completion date

JUMBO: Based on specific investor guidelines²

 

CHAPTER 7 BANKRUPTCY

FANNIE MAE: 4 years from discharge or dismissal date

FREDDIE MAC: 4 years from discharge or dismissal date

FHA: 2 years from discharge date

VA: 2 years from discharge date

USDA RURAL: 3 years from discharge date

JUMBO: Based on specific investor guidelines²

 

CHAPTER 13 BANKRUPTCY

FANNIE MAE: 2 years from discharge date. 4 years from dismissal date.

FREDDIE MAC: 2 years from discharge date. 4 years from dismissal date.

FHA: 1 year of the payout must elapse and payment performance must be satisfactory; buyer must receive permission from the court to enter into a mortgage.

VA: 1 year of the payout must elapse and payment performance must be satisfactory; buyer must receive permission from the court to enter into a mortgage.

USDA RURAL: 1 year of the payout must elapse and payment performance must be satisfactory; buyer must receive permission from the court to enter into a mortgage.

JUMBO: Based on specific investor guidelines²

 

¹Must be a purchase of a primary residence with a maximum LTV/TLTV/HTLTV ratio of the lesser of 90%or the maximum for the transaction or a no cash 
out refinance which must meet all guideline requirements. A no cash-out refinance must meet all guideline requirements. ²Waiting periods vary by lender.     

Shorter seasoning requirements may apply for extenuating circumstances as well as longer timeline requirements for multiple bankruptcy's.
Please check with your loan officer for details.
Please note: For extenuating circumstances, Fannie Mae is 2 years from completion date for short sale or deed-in-lieu.
For any mortgage with a LTV greater than 80% mortgage insurance is typically required. Mortgage insurance guidelines may differ. 
Updated 10/04/2017

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Contact Todd Brown, VP of Mortgage Lending
132 Boston Post Road
East Lyme, CT 06333
O: 860.739.1202
C: 860.460.2253
www.GRARate.com/ToddBrown
Todd.Brown@grarate.com

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