How long do you have to wait?

How long do you have to wait before you can buy again after a short sale, foreclosure or a bankruptcy? Well, that depends...

If you are planning on obtaining a conventional loan:
- Chapter 7 BK - 4-year waiting period from the discharge/dismissal date
- Chapter 13 BK - 2-year waiting period from the discharge date or 4 years from the dismissal date
- Multiple Bankruptcies - If there are multiple bankruptcies within a 7-year period, the waiting period is 5 years from the most recent discharge/dismissal date
- Foreclosure - 7-year waiting period from the completion date
- Deed-In-Lieu/Pre-Foreclosure Sale (Short Sale) - minimum 2-year waiting period

If you are planning on obtaining an FHA/VA Loan:
- Chapter 7 BK - 2-year waiting period from the discharge/dismissal date
- Chapter 13 BK - 1 year of the payout must have elapsed and the borrower's performance must have been paid as agreed. Document that the borrower's current situation is not likely to recur. The court must grant permission to the borrower to enter into a mortgage transaction
- Foreclosure/Pre-Foreclosure Sale (Short Sale) - 3-year waiting period from the completion date
- VA Loans ONLY - 2-year waiting period for Foreclosures

PLEASE REMEMBER THESE GUIDELINES ARE ESTIMATES AND EACH SITUATION IS UNIQUE. PLEASE TALK TO A LENDER TO VIEW YOUR OPTIONS REGARDING OBTAINING A MORTGAGE.