Friday, January 20, 2017

How Soon Can I Buy?

Waiting Periods for Foreclosure, BK, and Shortsale:


Answer for Fannie Mae:

Foreclosure:  7 years
Short Sale:     4 years
BK:                  4 years from discharge
  
Answer for Freddie Mac:

Foreclosure:   7 years
Short Sales:    not allowed
BK:                   4 years
  
Answer for FHA:

Foreclosure:          3 years
Chapter  7 BK:       2 years from discharge
Chapter 13 BK:      1 year from payout period
Consumer Credit:  1 year from payout period
Short Sale:             Not eligible if pursued on principal residence simply to take advantage of declining market & purchase a similar or superior property 

Answer for VA:

Foreclosure:          2 years
Chapter  7 BK:       2 years from discharge
Chapter 13 BK:      1 year from payout period
Consumer Credit: 1 year from payout period
Short Sale:              2  years

Answer for USDA:

Foreclosure:          3  years
Chapter  7 BK:       3 years  from discharge
Chapter 13 BK:      3 year from payout period
Short Sale:              3 years

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