Mortgage News

Foreclosure Waiting Periods Ease Up Says Mountain West Financial

December 27th, 2014 7:56 AM by Anne James

Dale Delliquadri, an Account Executive for Mountain West Financial, and Reliance Mortgage Service investor source for our VA, FHA & Conventional loans, has provided the waiting periods for Fannie, Freddie, VA, USDA and FHA loans after a foreclosure or bankruptcy. For Fannie Mae products, if you have foreclosed on a loan, the waiting period is 7 years from the completion date and 3 years for extenuating circumstances (90% LTV). For a short sale or deed-in-lieu the waiting period is 4 years and for Chapter 7 bankruptcy the waiting requirement is 4 years from the discharge or dismissal date and 2 years for extenuating circumstances. For Chapter 13 bankruptcy, there is a 2-year waiting period from the discharge date, a 4-year waiting period from the dismissal date and a 2-year waiting period for extenuating circumstances. With Freddie Mac and LP Super Conforming loan products, the waiting period after a foreclosure is 7 years from the completion date, and for a short sale or deed-in-lieu the waiting period is 2-4 years. If you have filed for Chapter 7 bankruptcy, the waiting period is 4 years from the discharge or dismissal date and if you have filed for Chapter 13 bankruptcy the waiting period is 2 years from the discharge date and 4 years from the dismissal date. FHA loans are the most forgiving when it comes to derogatory credit events.

His information went on. The waiting period after a foreclosure is 3 years and for a short sale or deed-in-lieu the waiting period can be anywhere from 0-3 years from the completion date. If you have filed for Chapter 7 bankruptcy, the waiting period is 2 years and if you have filed for Chapter 13 bankruptcy, one year of the prepayment period has to lapse in order to qualify. For VA loan products, the waiting period after a foreclosure, short sale or deed-in-lieu and Chapter 7 bankruptcy is 2 years for a loan less than $417,000 and 7 years for a loan greater than $417,000. If you have filed for Chapter 13 bankruptcy, the waiting period is 7 years for a loan amount greater than $417,000, but it's mandatory to finish making all payments prior to qualifying. Finally for USDA loans, the waiting period after a foreclosure, short sale or deed-in-lieu and Chapter 7 bankruptcy is 3 years and one year of repayment has to occur for Chapter 13 bankruptcy.


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