November 2nd, 2011 4:55 PM by Korene L Clopine-Seaman
FHA Waiting Guidelines
Bankruptcy – You may apply for a FHA insured loan after your bankruptcy has been discharged for TWO (2) years with a Chapter 7 Bankruptcy.
You may apply for a FHA insured loan after your bankruptcy has been discharged for ONE (1) year with a Chapter 13 Bankruptcy
Foreclosure - You may apply for a FHA insured loan THREE (3) years after the sale/deed transfer date.
Short Sale / Notice of Default – You may apply for a FHA insured loan THREE (3) years after the sale date of your foreclosure. FHA treats a short sale the same as a Foreclosure for now.
Credit must be re-established with a 640 minimum credit score
VA Waiting Guidelines
Bankruptcy - You may apply for a VA guaranteed loan TWO (2) years after a Bankruptcy is discharged.
Foreclosure - You may apply for a VA guaranteed loan TWO (2) years after a foreclosure
Short Sale - You may apply for a VA guaranteed loan TWO (2) after a short sale, unless it was a VA loan then restrictions apply
Credit must be re-established with a minimum 620 credit score
Conventional Waiting Guidelines (Fannie Mae)
Bankruptcy – You may apply for a Conventional, Fannie Mae loan after your bankruptcy has been discharged for FOUR (4) years.
Foreclosure - You may apply for a Conventional, Fannie Mae loan SEVEN (7) years after the sale date of your foreclosure. Additional qualifying requirements may apply,
Short Sale / Notice of Default – Currently treated the same as a foreclosure with a waiting time of SEVEN (7) years before you can buy again using a Fannie Mae conventional home loan. Credit must be re-established with a minimum 660 credit score.
Fannie Mae has reduced waiting periods in cases of extenuating circumstances – down to 2 years with larger down payments.