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After a bankruptcy has discharged and closed, you may be eligible for a conventional mortgage as well as an FHA, VA or USDA loan if you qualify. “But you’ll need to meet the waiting period ...
There’s typically a waiting period after bankruptcy before applying for a new loan, including a mortgage. ... Conventional loan: four years. USDA loan: three years. VA Home Loan or FHA mortgage ...
Bankruptcy waiting period. Foreclosure waiting period. Conventional loan. 4 years for Chapter 7 or Chapter 11 (2 years with exceptions); 2 years from discharge or 4 years from dismissal of Chapter 13
The disadvantage of filing for personal bankruptcy is that, under the Fair Credit Reporting Act, a record of this stays on the individual's credit report for up to 7 years (up to 10 years for Chapter 7); [5] still, it is possible to obtain new debt or credit (cards, auto, or consumer loans) after only 12–24 months, and a new FHA mortgage loan just 25 months after discharge, and Fannie Mae ...
Via the Back To Work - Extenuating Circumstances program, the FHA reduces its standard, mandatory three-year application waiting period for buyers with a history of foreclosure, short sale or deed-in-lieu; and two-year application waiting period after a Chapter 7 or Chapter 13 bankruptcy.
As with a conventional loan, if you can prove circumstances beyond your control caused the foreclosure, you may be able to request a shorter waiting period. VA loan (2 years) – For veterans and ...
Minimum waiting period to get a mortgage after a short sale. ... Loan type. Minimum waiting period. Conventional. 2-4 years with exceptions. FHA. 3 years with exceptions. USDA. 3 years. VA.
“Back in 2008, a few lenders did file for bankruptcy protection post-loan approval and pre-closing, and the borrowers had to scramble to move their loan to a new lender,” says Burgelin.