The question concerning people who’ve had a foreclosure, short sale or bankruptcy is when they will be able to qualify for a mortgage loan. It takes different amounts of time to heal credit scores based on the event.
The following chart is meant to be a general guide for how long a person might have to wait. During this waiting period, it’s important that the person be current on all payments and maintains a history of good credit.
| FHA | VA | USDA | FNMA/Freddie Mac | Jumbo | |||
| Foreclosure | 3 years | 2 years | 3 years | 7 years | 7 years | ||
| Deed-in-Lieu of Foreclosure | 3 years | 2 years | 3 years | 2 years <80% |
4 years 81-90% |
7 years > 90% |
7 years |
| Short Sale | 3 years | 2 years | 3 years | 2 years <80% |
7 years 81-90% |
7 years > 90% |
7 years |
| Chapter 7 Bankruptcy | 2 years | 2 years | 3 years | 4 years | 7 years | ||
| Chapter 13 Bankruptcy | 1 year | 1 year | 1 year | 2 years | 7 years | ||
A recommended lender can give you specific information regarding your individual situation and can make suggestions that will improve your ability to qualify for a mortgage. We want to be your personal source of real estate information and we’re committed to helping from purchase to sale and all the years in between.