FHA (BK)

Chapter 7: 2 yrs. The borrower must re-establish credit and have 2 – 3 “open/active trade lines” with 6-month payment history.

Chapter 13: 2 yrs. from the discharge date or 4 yrs. from the filing date and permission of the court-appointed Trustee.

Get the Lowest Interest Rate, Fees, and Fastest Service
YouTube – Straight Talk Lending – Daniel Dobbs

VA (BK) 

Chapter 7: 2 yrs.  The borrower must re-establish credit with 3 “open/active “tradelines and a 12-month payment history.

Chapter 13: 2 yrs.  The borrower must re-establish credit with 3 “open /active “trade lines and 12-month payment history.

Foreclosure: 2 yrs.* Although VA has a minimum of 2 years…Some investors require a 3-year wait time.

Short Sale: 2 years.* Although VA requires a minimum of 2 years, some investors require a 3-year wait time.

Fannie – Freddie..BK/Short Sale/Foreclosure

Chapter 7: 4 yrs. The borrower must re-establish credit with 2- 3 “open/ active “tradelines and a 6-12 month payment history.

Chapter 13: 2 yrs. from the discharge date or 4 yrs. from the filing date and permission of the court-appointed Trustee.

Multiple BK filings:  For a borrower with more than one BK filing in the last  7 years, a 5 yr. the waiting period is required.

FHA Short/Sale Foreclosure: 3 years

If the Short Sale / Deed in Lieu/ Foreclosure was an FHA loan, THEN there are longer wait times

4 yrs. If the new (subject) loan is 90% ltv or less

7 yrs. If the new (subject) loan is over 90% ltv

Jumbo Loans

If the buyer is obtaining a Jumbo loan (higher than the 2023 maximum county loan limits), the following is standard

Short Sale/ Foreclosure: 7 years

Daniel Dobbs (.org)
Broker
Mutual Home Mortgage
500 S. Kraemer #165
Brea, Ca. 92821
Cell: 949 250-3981

Dandobbs6@gmail.com
BRE # 00986886 …..NMLS# 307631

Copywrite © August, 2018 Daniel Dobbs MHM Mortgage /// All rights reserved. No part of this publication may be reproduced, distributed, or transmitted in any form or by any means, including photocopying, recording, or other electronic or mechanical methods, without the prior written permission of the publisher, except in the case of brief quotations embodied in critical reviews and certain other noncommercial uses permitted by copyright law. For permission requests, write to the publisher, addressed “Attention: Daniel Dobbs, Author- VP-Broker Mutual Home Mortgage 265 S. Randolph #120 Brea, Ca. 92821 Cell: 949 250-3981 Dandobbs6@gmail.com NMLS #307631 BRE #00986886