Credit Issues?

WHEN CAN I BUY AGAIN AFTER CREDIT ISSUES?

If you have had credit issues in the past and were wondering how long you have to wait before you can buy another home, we have all the answers right here for you.  Keep in mind that different lending programs have different rules regarding how long you have to wait to purchase your next home.  This chart covers the five main loan types: conventional (which includes fannie mae and freddie mac), fha, va and usda rural.

PROGRAM

FORECLOSURE

SHORT SALE
(Deed-In-Lieu)

CHAPTER 7
(Bankruptcy)

CHAPTER 13
(Bankruptcy)

fanniemae-logo-web

7 years from
completion date

2 years with max 80%
LTV ratio

4 years with max 90%
LTV ratio

7 years with greater than 
90% LTV ratio

4 years from
discharge or
dismissal date

2 years from 
discharge date

4 years from
dismissal date

7 years from
completion date

4-7 years max
10% down

4 years from completion
date for short sale

4 years for deed-in-lieu

4 years from 
discharge or
dismissal date

2 years from
discharge date

3 years from
completion date

3 years from
completion date

(Per FHA ML 09-52, FHA
financing can be obtained
in less than 3 years under
certain circumstances)

2 years from
discharge date

1 year of the payout must elapse and payment performance must be satisfactory; buyer must receive permission from the court to enter into a mortgage

2 years from
discharge date

No specific information
at this time; assume
foreclosure rule of
2 years.

2 years from
discharge date

1 year of the payoutmust elapse and payment performance must be satisfactory; buyer must receive permission from the court to enter into a mortgage

3 years from
completion date

3 years from
completion date

3 years from
discharge date

1 year of the payoutmust elapse and payment performance must be satisfactory; buyer must receive permission from the court to enter into a mortgage