How Long Do I Have to Wait?

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.