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Qualifying for a mortgage after financial hardship is normally only a matter meeting a minimum waiting period. The waiting period is determined by the nature of the financial hardship and the type of mortgage your are applying for. If you’re like most people that got caught up in the, you were either directly affected, or know someone that was directly affected. Many homeowners found themselves in serious financial hardship resulting in a bankruptcy, foreclosure, deed in lieu or short sale. Often, a bankruptcy is followed by the default of a mortgage, and the loss of a home to foreclosure, short sale or deed in lieu.
It can get tricky knowing which waiting period apply and how to figure out the shortest waiting period possible. This is a very popular subject as you can see if you scroll to the bottom of this article and see over 2,200 questions and answers dating back to early 2011. 2018 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/deed transfer date. FHA treats short sale, deed in lieu and foreclosure as the same waiting periods. 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.
2018 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 / Deed in Lieu – You may apply for a VA guaranteed loan TWO (2) years after the sale/deed transfer date. Short Sale – VA does not recognize a short sale as a derogatory event.
If you are able to credit qualify for a VA loan, a short sale would not prevent you from being eligible for VA financing. – Updated 4/2016 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. 2018 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 the sale/deed transfer date.
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. UPDATED 12/2014 – Mortgage debt included in Bankruptcy will go by BK discharge date, and and subsequent foreclosure will not count as an additional waiting period, as long as you are off title for any defaulted mortgages. Link to 12/1/2014 USDA Guideline – Date of Credit Approval must be after the above waiting period to be eligible for USDA financing after hardship. 2018 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,. Foreclosure / Short Sale / DIL included in Bankruptcy – You may apply for a Conventional, Fannie Mae loan after a minimum FOUR (4) years from the DISCHARGE of a Chapter 7 Bankruptcy, TWO (2) years from the DISCHARGE of a Chapter 13 Bankruptcy. Short Sale / Deed in Lieu of Foreclosure – UPDATED – Effective 7/29/2014: Short Sale or Deed in Lieu of Foreclosure not included in a Bankruptcy has a new Waiting Period of FOUR (4) years from date your name is removed from title. Credit must be re-established with a minimum 620 credit score. Hi Gerald, yes, I do think that FHA is a possibility. A lot would depend on how the divorce decree is written regarding awarding her the home/liability, and the payment history on the mortgage.
In theory, if the decree clearly awards all responsibility and liability for the home to your ex, FHA is only going to require a 2 year waiting period from the discharge of the Chapter 7. If you would like an introduction to a professional loan officer that has experience with these guidelines, shoot me an email to and let me know what State you’re trying to buy in. Hope this helps? Hey Scott, Hoping I can pick your brain, we filed bankruptcy in 2010 and our home was included in it. We never reaffirmed on the loan, yet we remained in the home keeping the payments current.
Early this year we have decided to move and started the home search. Because we have kept the payments current, the bank has not started the foreclosure process. We have been pre-approved for a conventional loan, we have put in an offer on a new home and it is currently under the underwriting process. My fear is that because of our current home we will not pass the underwriting process.
Should I be concerned. Bankruptcy in July 2010, home included in bankruptcy Remained in home, kept payments current. “No foreclosure as of yet” Attempting to purchase a new through a conventional loan Thank you very much, VP. Hey Vince, you have options. The first option is to continue to make the payments on the home and put a renter in there. Let that asset grow.
If you cannot rent the home out, and you cannot carry both payments, you would have to sell the home. Is the home worth more than the balance of the mortgage? If so, sell it, and use the equity for the down payment on your new home. Technically, using a conventional mortgage, you could ignore any short sale, deed in lieu, or foreclosure date if the mortgage was discharge in the BK. However, none of these are good options. If you can rent it out or sell it for a profit, those are your best options.
If you live in the home, and stop making payments, you’re not only going to be subject to the timeline of the lender before the home is foreclosed on, you’re also throwing away your long time pattern of making your payments after the bankruptcy. I have loan officer friends that have a lot of experience with these scenarios, and can help guide you through this process.
If you would like an introduction, shoot me an email to and let me know what State your in? Hope this helps? Hi Brian and Teresa, Your only option under this scenario is going to be a portfolio loan. It will be a 7/1 ARM (fixed for 7 years). Expect higher closing costs and interest rates, but when compared to renting, it’s a GREAT option! The most important thing here is refinancing OUT of this portfolio loan as soon as humanly possible. You will have 2 options.
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The first option is FHA financing, which will also be the soonest you can refinance. FHA requires a 2 year wait from the bankruptcy, and a 3 year wait from the short sale.
You would be eligible to refinance into a FHA loan in November 2019. The other option is Conventional financing. Conventional financing will allow you to buy in 4 years from the bankruptcy discharge, and ignore the short sale date. What State are you buying in? If you shoot me an email to, send me the best way to reach you, and the State you’re buying in, and I can make an introduction to a professional loan officer that has experience with Portfolio loans, as well as buying after hardship guidelines. Hope this helps? Hi Gloria, The waiting period after a short sale is determined by the type of financing you’re applying for.
FHA considers the Bankruptcy and short sale as 2 separate events with 2 separate waiting periods. Only Fannie Mae conventional will allow you to use the BK waiting period and ignore the short sale datewhich is not a actual published guideline, but we’ve had a lot of success doing loans under these circumstances.
Based on the dates you’ve provided above, you would be eligible for Conventional financing in November 2018, and FHA financing in September 2019. If you would like, I can introduce you to an experienced loan officer that can get you pre-approved now, and all you would have to do is wait out the 4 years. The reason why I would get pre-approved now is that if there is an opportunity to improve on your approval, you’ll have a few months to get things lined up for the best rate and fees. If you would like an introduction, just shoot me an email to and let me know what State you’re buying in. Hope this helps? Hi Chris, There is ABSOLUTELY a possibility for buying again.
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FHA financing will allow you to buy 3 years from the completion of the short sale. The exception to this would be if the loan on the short sale was a FHA loan. If it was, then your 3 years will not begin until HUD pays the mortgage insurance claim to your old lender. If you want to shoot me an email to, I can introduce you to a professional loan officer that has a lot of experience with these guidelines.
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Just let me know what State you’re buying in. If the previous loan was an FHA loan, the loan officer can look up CAIVRS to determine when the 3 year waiting period is up. If the short sale loan was a conventional loan, then you would be eligible for FHA as soon as you’re 3 years from the date your short sale closed.
Hope this helps? Hi Jackie, yes there is a difference. Manufactured also can mean a couple of different things.
If it is a manufactured modular home, that means that it’s pre-built, brought out on big trucks, and assembled on a permanent foundation on land that you own. These homes will have a HUD plaque that designates it as a home that qualifies for HUD financing. A mobile/manufactured home must be fixed to a permanent foundation on land you own, or with a land lease that exceeds the term of the financing (30 years). If you pay taxes to the DMV, a manufactured home is not eligible for Fannie Mae or FHA financing.
If it is permanently fixed to a foundation and eligible for property taxes, it can be financed using traditional home financing. The waiting periods will apply if you are using a Fannie Mae or FHA loan. If the foreclosure was not included in a prior bankruptcy, there is a 7 year wait for Fannie Mae conventional financing, or a 3 year wait for FHA financing. Hope this helps?