4 years from discharge. If a mortgage was included must follow Bankruptcy waiting period. 2 years if extenuating circumstances can be documented.
2 years from discharge or 4 years from dismissal. If a mortgage was included must follow Bankruptcy waiting period. 2 years if extenuating circumstances can be documented.
Multiple BK Filings
5 years if more than one filing in the last 7 years. 3 years is extenuating circumstances can be documented.
A 7 year waiting period from the completion date of the foreclosure as reported on the credit report or other foreclosure documents 3 year waiting period if extenuating circumstances can be documented. Max. LTV/CLTV/HCLTV of 90% on OO Purchase or all Rate Term Refi.
Deed in Lieu, Short Sales, and Charge Off
4 Years all LTVs. Can be reduced to 2 years if borrower can document extenuating circumstances.
Chapter 7 & 13 Bankruptcy
3 years from discharge date, chapter 13 can follow FHA
3 years from the trustees deed
Bankruptcy - Chapter 7
2 years from discharge date. Mortgages included in BK are seasoned from the recording date of the trustees deed.
1 Year of payout must elapse and payments must be satisfactory - buyer has permission from the court to enter into a mortgage.
2 years from completion date.
2 years unless there are extenuating circumstances. With a clean payment history, UW may consider.
VA High Balance
No history of BK/Foreclosure in last 7 years.
Bankruptcy - Chapter 7 or 11
2 years from discharge. Mortgages included in BK are seasoned from the recording
date of the trustees deed.
Bankruptcy - Chapter 13
1 year of payout must elapse and payments must be satisfactory - buyer has permission
from the court to enter into a mortgage.
Foreclosure - High Balance
Extenuating circumstances greater than 3 years butless than 7: LTV = 90%
More than 7 years: standard LTV limits allowedFinancial mismanagement: must be seasoned 7 years
No restriction if the borrower was current at the time of the short sale and all mortgage payments were made on time for the previous 12 months prior to application and the proceeds from the short sale serve as payment in full. Borrowers may not take advantage of market conditions. They may not move to the same area that they short sold property. Must be outside a reasonable commuting distance. If in default must wait 3 years. If underlying loan was FHA, must wait 3 years.
Short Sales - High Balance
If short sale is due to financial mismanagement must be seasoned 48 months and LTV limited to 90%.
Short sale: Due to hardship must be seasoned at least 36 months and LTV is limited to 90%. If greater than 7 years, standard LTV guides apply.
The American Dream - Homeownership. Owning a home is a big investment, but ask a lot of people the same questions and you'll hear them say it is on...