Click!
2016 FHA 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 / Deed in Lieu - 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 no late payments in past 12-24 months, depending on hardship.

• Application Date must be after the above waiting period to be eligible for FHA financing after hardship.

2016 VA Guidelines

• Bankruptcy Ch 7 - You may apply for a VA guaranteed loan TWO (2) years after a chapter 7 Bankruptcy .

• Bankruptcy Ch 13 - If you have finished making all payments satisfactorily, the lender may conclude that you have
reestablished satisfactory credit. If you have satisfactorily made at least 12 months worth of the payments and the
Trustee or the Bankruptcy Judge approves of the new credit, the lender may give favorable consideration.

• Foreclosure - You may apply for a VA guaranteed loan TWO (2) years after a foreclosure .

• Short Sale / Deed in Lieu - You may apply for a VA guaranteed loan TWO (2) years after a short sale, unless it
was a VA loan then restrictions apply.

• Credit must be re-established with a minimum 620 credit score.

Application Date must be after the above waiting period to be eligible for VA financing after hardship.

2016 USDA Guidelines
• Bankruptcy - You may apply for a USDA rural loan THREE (3) years after the discharge of a Chapter 7 or 13
Bankruptcy.

• Foreclosure - You may apply for a USDA rural loan THREE (3) years after a Foreclosure. Mortgage debt
included in Bankruptcy will go by BK discharge date, and subsequent foreclosure, short sale, or deed in lieu of
foreclosure will not count as an additional waiting period, as long as you are off title for any defaulted mortgages.

• Short Sale / Deed in Lieu of Foreclosure - If you had big issues the deed in lieu of foreclosure will be viewed as
a foreclosure and you would want to wait no less than 3 years if the score is under 640. Over 640 your UW will make
the call but typically not less than one year.

Date of Credit Approval must be after the above waiting period to be eligible for USDA financing after hardship.

2016 Conventional (Fannie Mae) Guidelines

• Bankruptcy - You may apply for a Conventional, Fannie Mae loan after your Chapter 7 bankruptcy has been
discharged for FOUR (4) years, TWO (2) years from the discharge of a Chapter 13.

• 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 / Deed in Lieu of Foreclosure
Waiting period for subsequent foreclosure that was included in Bankruptcy is waived. If mortgage is included in
Bankruptcy, waiting period defaults to FOUR (4) from the discharge date.

Short Sale or Deed in Lieu of Foreclosure has a w aiting Period of FOUR (4) years from date your name is
removed from title not included in a Bankruptcy has a

• Credit must be re-established with a minimum 620 credit score.Fannie Mae has reduced waiting periods in cases
of extenuating circumstances as low as 2 years.

The death of a primary wage earner or severe health issues such as cancer are the only circumstances I have been
able to identify up to this point.

• Date of Credit Report must be after the above waiting period to be eligible for Conventional financing after
hardship.

2016 Jumbo Mortgage Guidelines
• Bankruptcy - You may apply for a Jumbo mortgage loan once any chapter of bankruptcy has been discharged for
FOUR (4) years, FIVE (5) years if multiple bankruptcy occurs on credit profile.

• Foreclosure - You may apply for a Jumbo mortgage loan SEVEN (7) years after the sale date of your foreclosure.
Additional qualifying requirements may apply.

• Short Sale / Deed in Lieu of Foreclosure - You may apply for a Jumbo mortgage loan:
SEVEN (7) Years from Short Sale or Deed in Lieu of Foreclosure with Maximum 80% Loan to Value

NOTE: There are investors out there that will allow you to buy again in FOUR (4) years after a short sale, but
expect higher rates, higher fees, and possibly larger down payment requirement. Jumbo lenders have not yet
loosened up the qualifying guidelines for buying after a hardship.
NOTE: If hardship is the result of an extenuating circumstance, waiting periods may be reduced. Contact lender for
details.
2016 How Long You Need to Wait After Bankruptcy, Short Sale, Foreclosure to Buy A Home Again
Get Approved Today!
1785 E 1450 S,
Clearfield, UT 84015
But my laptop can travel anywhere!
801-628-7667

Copyright © Ron Pippin 2016. NMLS 218333 All rights reserved
Loan Officer
with Citywide Home Loans, a Utah Corp. and its licensors. NMLS#67180. Regulated by the Division of Real Estate. NMLS#67180.

First Time Buyer No Money Down Utah Construction Loan Government Grants Construction FAQ Teachers Police Officers Veterans & Military Rural & USDA FHA Financing FHA Flips How Much Can I Qualify For? Documents Needed Fun Weekly Tip Poor Credit Bankruptcy & Foreclosure