With the large number of Americans affected by foreclosures, bankruptcies and short sales, more and more people are asking how long they need to wait until they can get a home loanagain. There are a lot of people out there who worry about their credit after a financial disaster. The following information will let you know how long you need to wait based on the type of loan you have.

Fannie Mae

Foreclosure – 7 yrs. from completion date

Short Sale/Deed-In-Lieu – 2 yrs. w/ max 80% LTV, 4 yrs. w/ max 90% LTV , and 7 yrs. > 90% LTV

Chapter 7 Bankruptcy – 4 yrs. from discharge or dismissal date

Chapter 13 Bankruptcy – 2 yrs. from discharge, 4 yrs. from dismissal

 

Freddie Mac

Foreclosure – 7 yrs. from completion date, 4-7 max 10% down

Short Sale/Deed-In-Lieu – 4 yrs. from completion date for short sale, 4 yrs. for deed-in-lieu

Chapter 7 Bankruptcy – 4 yrs. from discharge or dismissal date

Chapter 13 Bankruptcy – 2 yrs. from discharge date

 

FHA

Foreclosure – 3 yrs. from completion date

Short Sale/Deed-In-Lieu – 3 yrs. from completion date

Chapter 7 Bankruptcy – 2 yrs. from discharge date

Chapter 13 Bankruptcy – with a full 1 year of payout with satisfactory payment history, then borrowers can ask permission form the courts to enter into a new mortgage

 

VA

Foreclosure – 2 yrs. from discharge date

Short Sale/Deed-In-Lieu – No specific time yet but must follow 2 yr. foreclosure rule

Chapter 7 Bankruptcy – 2 yrs. from discharge

Chapter 13 Bankruptcy – with a full 1 year of payout with satisfactory payment history, then borrowers can ask permission form the courts to enter into a new mortgage

 

USDA/Rural

Foreclosure – 3 yrs. from completion date

Short Sale/Deed-In-Lieu – 3 yrs. from completion date

Chapter 7 Bankruptcy – 3 yrs. from discharge date

Chapter 13 Bankruptcy – with a full 1 year of payout with satisfactory payment history, then borrowers can ask permission form the courts to enter into a new mortgage