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The question concerning people who’ve had a foreclosure, short sale or bankruptcy is when they will be able to qualify for a mortgage loan. It takes different amounts of time to heal credit scores based on the event.
The following chart is meant to be a general guide for how long a person might have to wait. During this waiting period, it’s important that the person be current on all payments and maintains a history of good credit.
FHA
VA
USDA
FNMA/Freddie Mac
Jumbo
Foreclosure
3 years
2 years
7 years
Deed-in-Lieu of Foreclosure
2 years <80%
4 years 81-90%
7 years > 90%
Short Sale
7 years 81-90%
Chapter 7 Bankruptcy
4 years
Chapter 13 Bankruptcy
1 year
A recommended lender can give you specific information regarding your individual situation and can make suggestions that will improve your ability to qualify for a mortgage. We want to be your personal source of real estate information and we're committed to helping from purchase to sale and all the years in between.