Getting a home loan after a Bankruptcy - waiting periods

[Punisher]

If you or someone you know has had a Bankruptcy and is wondering when they’ll be able to get a home loan again, you’ll enjoy the information below. Below you’ll find the waiting periods for current home loan options that are available today compared to the type of Bankruptcy was filed for (I didn’t include private money loans, reverse mortgages or Jumbo products).

This data comes directly from the lending guidelines set by Fannie Mae, Freddie Mac, FHA, USDA and VA, that all lenders who offer these loans must follow. Please note that many lenders add additional restrictions to the lending guidelines, so not all lenders will give you a loan 4 years out of a BK, some want 5 years. Our job is to review your scenario and find a lender in our network, who doesn't add restrictions to the guidelines, so you can have a successful loan closing.

If you had a Chapter 7 Bankruptcy:

4 years from discharge date – Conventional Fannie Mae or Freddie Mac
*2 years from discharge date – Conventional Fannie Mae or Freddie Mac - *With extenuating circumstances

3 years from discharge date – USDA financing

2 years from discharge date – FHA & VAfinancing –
*1 year from discharge date – FHA & VA financing - *with extenuating circumstances

If you had a Chapter 13 Bankruptcy:

4 years from discharge date (or 2 years with extenuating circumstances) – Fannie Mae conventional

2 years from discharge date – Freddie Mac conventional

1 year into payment plan – FHA, VA or USDA Financing – all payments made on time and court approval required to obtain new mortgage

If you had a multiple Bankruptcy filings in the past seven years:
5 year from last filing/discharge – Fannie Mae & Freddie Mac
*3 years with extenuating circumstances – Fannie Mae

Sources:
Fannie Mae – https://www.fanniemae.com/content/guide/sel052714.pdf
Freddie Mac – http://www.freddiemac.com/learn/pdfs...ion_remind.pdf
FHA – http://portal.hud.gov/hudportal/docu...5-1_4_secC.pdf
VA - http://benefits.va.gov/WARMS/docs/ad...m26_7/ch04.doc

[DaveInOroValley]

One thing to also add here is that you also have a waiting period after do a short sale from what a family member tells me after she went through one. Good info though!

[Punisher]

Yep, I'm also going to post the waiting periods for short sales and foreclosures.

[Punisher]

daveinwoodland - I started a thread with the waiting periods for short sales and foreclosures in our forum. It's definitely good information. Many people had adjustable rates and lost their homes, or for whatever reason had to complete a short sale or foreclosure, so this should be valuable. Also, it's nice that we've recently seen Fannie Mae & Freddie Mac relaxing the guidelines on these waiting periods. For a while the bar for conventional loans was 7 years with no exceptions. Now there are options in under 4 years. Anyways, it's there if you want to see it. Take care!