This list is the lender required waiting periods. A borrowers ability to obtain a loan will always depend on updated credit scores, debt ratio, assets and liabilities, just as required for any loan applicant.
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VA Loans ONLY - 2 year waiting period for Foreclosures
Foreclosure - Pre-foreclosure - Short Sale - 3 year waiting period
Chapter 7 Bankruptcy - 2 year waiting period from the discharge date
Chaper 13 Bankruptcy - 1 year of the payout must have elapsed and the borrower's performance must have been paid as agreed. Document that the borrower's current situation is not likely to reoccur. The court must grant permission to the borrower to enter into a mortgage transaction.
Deed-in-lieu or Short Sale - Minimum 2 year waiting period.
Foreclosure - 7 year waiting period from the completion date
Chapter 7 Bankruptcy - 4 year waiting period from the discharge date
Chapter 13 Bankruptcy - 2 year waiting period from the discharge date or 4 years from the dismissal date
Multiple Bankruptcies - If there are multiple bankruptcies within a 7 year period, the waiting period is 5 years from the most recent discharge/dismissal date.
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