Foreclosure Waiting Periods
Fannie Mae - the waiting period is seven years, but the lender will make exception at THREE YEARS if extenuating circumstances such as job loss or death of a wage earner.
Department of Veterans Affairs - Generally not less than TWO YEARS with bankrupcies and foreclosures filed under straight liquidation and discharge provisions. If the foreclosure was a VA Loan then the buyer must paid the VA for it''s loss before applying for a new VA Loan.
Federal Housing Administration - THREE YEARS but the FHA may grant an exception if the foreclosure was the result of a serious illness or death by the wage earner and the borrower has re-estatblished good credit.
Chapter 7 or 11 Bankruptcy Waiting Periods
Fannie Mae - Four Years (Two years with extenuating circumstances)
Department of Veterans Affairs - Generally not less than TWO YEARS with bankrupcies and foreclosures filed under straight liquidation and discharge provisions. If the foreclosure was a VA Loan then the buyer must paid the VA for it''s loss before applying for a new VA Loan.
Federal Housing Administration - Under a Chapter 7, TWO YEARS after the discharge and the re-establishment of good credit or no new incurred new credit obligations.
Chapter 13 Bankruptcy Waiting Period
Fannie Mae - TWO YEARS form discharged date, four years from dismissal date.
Department of Veterans Affairs - After making 12 MONTHs of payments to a court-appointed trustee and the trustee or the bankruptcy court approves new credit.
Federal Housing Administration - ONE YEAR current on required payments to be considered.
