How Long Do I Have to Wait?

The question concerning people who’ve had a foreclosure, short sale or bankruptcy is when they will be able to qualify for a mortgage loan. It takes different amounts of time to heal credit scores based on the event.

The following chart is meant to be a general guide for how long a person might have to wait. During this waiting period, it’s important that the person be current on all payments and maintains a history of good credit.

FHA VA USDA FNMA/Freddie Mac Jumbo
Foreclosure 3 years 2 years 3 years 7 years 7 years
Deed-in-Lieu of Foreclosure 3 years 2 years 3 years 2 years
<80%
4 years
81-90%
7 years
> 90%
7 years
Short Sale 3 years 2 years 3 years 2 years
<80%
7 years
81-90%
7 years
> 90%
7 years
Chapter 7 Bankruptcy 2 years 2 years 3 years 4 years 7 years
Chapter 13 Bankruptcy 1 year 1 year 1 year 2 years 7 years

A recommended lender can give you specific information regarding your individual situation and can make suggestions that will improve your ability to qualify for a mortgage. We want to be your personal source of real estate information and we’re committed to helping from purchase to sale and all the years in between.

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