Chapter 7 BK – 2 year waiting period from the discharge/dismissal date
Chapter 13 BK – 1 year of the payout must have elapsed and the borrower’s performance must have been paid as agreed. Document that the borrower’s current situation is not likely to recur. The court must grant permission to the borrower to enter into a mortgage transaction.
FHA Foreclosure/Pre-Foreclosure/Short Sale – 3 year waiting period.
VA Foreclosure/Pre-Foreclosure/Short Sale – 2 year waiting period for Foreclosures.
Borrowers who lost their homes as a result of a direct hardship may be able to get an FHA loan in as little as one year. If your in one of these groups, give me a call I might be able to help you get into a new home.