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Samir Bachour    REALTOR®    Phoenix, AZ    602-614-4622    ElectricRealty@Live.com
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Fannie Mae vs. Freddie Mac vs. FHA vs. VA vs. USDA Rural Waiting Periods for Derogatory Credit

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1.    

HoHow long must I wait post short-sale or after a foreclosure occurred.

VA*
-Bankruptcy 2 years with reestablished credit
-Foreclosure 2 years with reestablished credit
-Short Sale 2 years with reestablished credit

 

FHA*
-Bankruptcy 2 years with reestablished credit
-Foreclosure 3 years with reestablished credit
-Short Sale 3 years if delinquent at the time of the short sale
-No waiting period if current on all debt at the time of the short sale
(Borrowers are not eligible for a new FHA mortgage if they pursued a short sale agreement on their principal residence to take advantage of declining market conditions and purchase a similar or superior property, if their short sale was on an FHA mortgage, or if they had a short sale due to job relocation.)

 

CONVENTIONAL
-Bankruptcy (Chapter 7) 4 years, or 2 years if documented extenuating circumstances and with reestablished credit
-Bankruptcy (Chapter 13) 2 years from discharge or 4 years from dismissal
-Foreclosure 7 years, or 3 years if documented extenuating circumstances with reduced LTV and with reestablished credit
-Short Sale 2 to 7 years with a reduced LTV and with reestablished credit

 

USDA/RURAl HOUSING*
-Bankruptcy 3 years with reestablished credit
-Foreclosure 3 years with reestablished credit
-Short Sale 3 years with reestablished credit

 

*Previous foreclosure or short sale of a government insured loan (VA, FHA or USDA) resulting in a default claim may require a longer waiting period. This guide is intended as general financial information based on current program standards. It in no way constitutes legal advice or credit counseling. Additional overlays or conditions may apply. All loan programs are subject to credit approval and program guidelines. Program standards are subject to change at any time without notice. Interested persons may contact a Waterstone Mortgage specialist for additional information. Waterstone Mortgage Corporation (NMLS #186434) is a wholly owned subsidiary of WaterStone Bank SSB (NASDAQ: WSBF).

 

This information was made availble to you by
Bill Rabold
Senior Mortgage Banker
NMLS #331807
Waterstone Mortgage Corporation
3489 E. Baseline Rd.
Gilbert, AZ 85234
480.635.3052
BRabold@WaterstoneMortgage.com
TheByReferralOnlyTeam.com

updated 10-20-2015

 
 
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