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