Foreclosing on a home, doing a short sale, or going through bankruptcy are very stressful events for a seller, who may have just fallen into tough circumstances not due to their own mistakes. You may be surprised at how fast a bank will lend again in these situations. Only 2 years in the case of a short sale!
Foreclosure | Conventional 7 years from the completion date of the foreclosure. | FHA 3 years from the completion date of the foreclosure. | VA 3 years from the completion date of the foreclosure. |
Short Sale | 2 years from the short sale date | 2 years from the short sale date | 2 years from the short sale date |
Bankruptcy Chapter 7 | 3 years from the short sale date | 2 years from the short sale date | 2 years from the short sale date |
Bankruptcy Chapter 13 | Eligible to buy once you have completed all payments. (most cases 5 years) | Eligible to buy once you have completed all payments. (most cases 5 years) | Eligible to buy once you have completed all payments. (most cases 5 years) |
