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How Long To Repurchase ~ Foreclosure / Bankruptcy / Short Sale

HOW LONG FOR – FORECLOSURE AND/OR DEED IN LIEU OF FORECLOSURE

  • FHA – 3 years from the completion date of the foreclosure
  • CONFORMING 7 years from the completion date of the foreclosure
  • VA 2 years from the completion date of the foreclosure
  • USDA RURAL 3 years from the completion date of the foreclosure

HOW LONG FOR – BANKRUPTCIES – CHAPTER 7 AND CHAPTER 13

  • FHA – Chapter 7 requires 2 years from discharge date. Chapter 13 requires 1 year with satisfactory pay history and court approval.
  • CONFORMING – Chapter 7 requires 4 years from discharge date. Chapter 13 requires 2 years from discharge date.
  • VA – Chapter 7 requires 2 years from discharge date. Chapter 13 requires 1 year with satisfactory pay history and court approval.
  • USDA RURAL – Chapters 7 and 13 require 3 years from discharge date.

SHORT SALES
Short sales are typically treated the same as foreclosures as listed above. However, the exception for FHA would be if all debts including the mortgages were paid as agreed for a 12 month period leading up to the short sale. The exception for conventional is that Fannie Mae will allow for a purchase 2 years post short sale if it reported on the borrowers credit report as a 5 or below (short sale status).

Category: Mortgages
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