Ever wonder what loan officers and mortgage managers use when advising borrowers about loans. Below you will find a breakdown of mortgage guidelines. This is helpful when uncertain of what you’re up against when obtaining a new mortgage after having credit issues such as foreclosure, short sale, and bankruptcy.

Event Type FHA VA Conventional
Bankruptcy Chapter 13 1 year of satisfactory payments
have occurred and permission
from court to enter into a mortgage.
1 year of satisfactory payments
have occurred and permission
from court to enter into a mortgage.
2 years from discharge
4 years from dismissal
Bankruptcy Chapter 7 2 years 2 years 4 years**
Bankruptcy Chapter 7 w/Property Surrender 2 years from discharge**
3 years from foreclosure**
2 years from discharge**
2 years from foreclosure**
4 years*
Short Sale 3 years** 2 years** 4 years-95% LTV**
Deed in Lieu Foreclosure 3 years** 2 years** 4 years-95% LTV**
Foreclosure 3 years** 2 years** 7 years
Consumer Credit Counseling 1 year of satisfactory payments and
permission from counseling agency
to enter into a mortgage.
1 year of satisfactory payments and
permission from counseling agency
to enter into a mortgage.
Case by Case

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