As you are house hunting or looking to refinance your existing mortgage, you might want to keep in mind certain dates that harmed your credit report due to unforeseen circumstances.

Below are the waiting periods for major credit events:

Conventional Programs:

Chapter 7 or 11 Bankruptcy:

  • 4 years OR 2 years IF extenuating circumstances.

Chapter 13 Bankruptcy:

  • 2 years from discharge date OR 4 years from dismissal date.

Multiple BK filings:

  • 5 years IF more then one filing within the last 7 years.

Deed in Lieu, Pre-foreclosure sale, charge off of a mortgage:

  • 4 years OR 2 years IF extenuating circumstances.

Foreclosure:

  • 7 years OR 3 years IF extenuating circumstances, Max LTV is 90%, purchase or rate/term of primary residence ONLY

FHA:

Chapter 7 or 11 Bankruptcy:

  • 2 years from discharge date.

Chapter 13 Bankruptcy:

  • 2 years from discharge date OR 12 months with satisfactory payment history from Court. Manual downgrade required when less then 2 years.

Pre-foreclosure ( short sale):

  • 3 years from the short sale date. The 3 years waiting period begins from THE DATE OF TRANSFER OF TITLE.

Foreclosure:

  • 3 years from the date of transfer of title.

Contact our office for more information.

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