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Fannie Mae |
Freddie Mac |
FHA |
VA |
Jumbo Loans |
Derogatory Event |
Waiting Period Requirements |
Waiting Period Requirements with Extenuating Circumstances |
Waiting Period Requirements |
Waiting Period Requirements with Extenuating Circumstances |
Waiting Period Requirements |
Waiting Period Requirements with Extenuating Circumstances |
Waiting Period Requirements |
Waiting Period Requirements with Extenuating Circumstances |
Waiting Period Requirements |
Waiting Period Requirements with Extenuating Circumstances |
Bankruptcy — |
4 years from discharge date |
2 years from discharge date |
4 years from discharge date |
2 years from discharge date |
2 years from discharge date |
1 year ^^ |
2 years from discharge date |
1 year ^^ |
4-7 Years from completion date |
** |
Chapter 7 or 11 |
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• Re-established good credit |
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Bankruptcy — |
• 2 years from discharge date |
• 2 years from discharge date |
2 years from discharge date |
2 years |
2 years from discharge date |
1 Year of the payout must elapse & payment performance must be satisfactory; buyer must receive permission from the court to enter into a mortgage |
2 years from discharge date |
1 Year of the payout must elapse & payment performance must be satisfactory; buyer must receive permission from the court to enter into a mortgage |
4-7 Years from completion date |
** |
Chapter 13 |
• 4 years from dismissal date |
• 2 years from dismissal date |
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Multiple Bankruptcy |
5 years if more than one filing within |
3 years from the most recent discharge or |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
** |
** |
Filings |
the past 7 years |
dismissal date |
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Foreclosure |
7 years from completion date |
3 years |
7 years from completion date |
3 years from completion date |
3 years from completion date |
Less than 3 years if: |
2 years from completion date |
n/a |
5-7 years from completion date |
** |
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Additional requirements after 3 years up |
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• Re-established good credit |
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to 7 years: |
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• 90% maximum LTV ratiosa |
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• Purchase, principal residence |
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• Limited cash-out refinance, all |
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occupancy types |
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Deed-in-Lieu of Foreclosure |
4 years from completion date |
2 years — 90% maximum LTV ratios* |
4 years from completion date |
2 years from completion date |
3 years from completion date |
Less than 3 years if: |
2 years |
n/a |
5-7 years from completion date |
** |
and |
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• No mortgage default |
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Preforeclosure Sale (Short Sale) |
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• Re-established good credit |
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FHA ML 09-56 |
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*The maximum LTV ratios permitted are the lesser of the LTV ratios in this table or the maximum LTV ratios for the transaction per the Eligibility Matrix. |
**JUMBO waiting periods vary by lender |
***For LTV’s greater than 80% – mortgage insurance guidelines may differ |
Note: References to LTV ratios include LTV, CLTV, and HCLTV ratios. |