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.

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VA (BK) 

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

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

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

Short Sale: 2 yrs.* Although VA has a minimum of 2 years, some investors require 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” with a 6-12 mo. 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) that 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

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