How soon will I qualify to buy another home after a short sale, foreclosure or bankruptcy?
  Below is a quick reference guide detailing seasoning requirements for conventional and FHA mortgage loans. The new loan program will be dependent upon your down payment amount. Please call me for specifics, 503-869-0903.

Conventional Financing Guidelines-
      Short Sale, Deed-in-Lieu.....................4 Years = If the mortgage was discharged in bankruptcy

      Foreclosure ........................................7 Years

      Bankruptcy .........................................Chapter 7 or 11 = 4 Years from discharge
                                                                  Chapter 13 = 2 Years from discharge, 4 Years from dismissal

FHA Financing Guidelines-
      Short Sale, Deed-in-Lieu...................3 Years from Trust Deed transferring back to bank

      Foreclosure .......................................3 Years from Trust Deed

      Bankruptcy ........................................Chapter 7 or 11 = 2 Years from discharge with re-established credit paid as agreed 
                                                                                                  or no new credit obligations incurred
                                                                 Chapter 13 = Minimum 1 year payout period after BK has elapsed and borrowers payment
                                                                                                   performance has been satisfactory and all required payments made on 
                                                                                                   time with trustee approval.
VA Financing Guidelines-
      Short Sale, Deed-in-Lieu.....................2 Years from date sale closed and transferred to new owner

      Foreclosure..........................................2 Years from Trust Deed

      Bankruptcy...........................................Chapter 7 or 11 = 2 Years from date of discharge
                                                                   Chapter 13 = 1 Year payout period after BK has elapsed and borrowers payment performance
                                                                                 has been satisfactory and all required payments made on time withy trustee approval.
USDA Financing Guidelines-
      Short Sale, Deed-in-Lieu.....................3 Years from the date the foreclosure was completed and transferred back to the bank

      Foreclosure..........................................3 Years from the date the foreclosure was completed and transferred back to the bank

     Bankruptcy............................................Chapter 7 or 11 = 3 Years from discharge
                                                                   Chapter 13 = 1 Year from the date repayment was completed and bankruptcy discharged 

  Information as of 2/5/2018


Jeannine Downey, NMLS #215401
Real Estate Finance Specialist, Mortgage Express, LLC. NMLS ID:  40831Mortgage