How soon will I qualify to buy another home after a short sale, foreclosure or bankruptcy?

Below is a quick reference guide detailing seasoning requirements for all loan programs.  The new loan program will be dependent upon your down payment amount.  Please call me for specifics, 503-869-0903. 

Short Sale, Deed-in-Lieu....................4 Years = If the mortgage was discharged in bankruptcy

Foreclosure ........................................7 Years

Bankruptcy .........................................Chapter 7 or 11 = 4 Years from discharge
                                                               Chapter 13 = 2 Years from discharge, 4 Years from dismissal 

Short Sale, Deed-in-Lieu...................3 Years from Trust Deed transferring back to bank.

Foreclosure .......................................3 Years from Trust Deed

Bankruptcy ........................................Chapter 7 or 11 = 2 Years from discharge with re-established credit - paid as agreed or no new credit obligations incurred
                                                            Chapter 13 = Minimum 1 year payout period after BK has elapsed and borrowers' payment performance has been satisfactory, and all required payments made on time with trustee approval.

Pre-Foreclosure/Short Sale.................Eligible without a mandatory waiting period if veteran's overall credit is good.     

Foreclosure/Deed-in-Lieu....................2 Years from date sale closed and transferred to new owner.

Bankruptcy...........................................Chapter 7 or 11 = 2 Years from date of discharge

                                                                Chapter 13 = 1 Year payout period after BK has elapsed and borrowers' payment performance has been satisfactory, and all required payments made on time withy trustee approval.

Pre-Foreclosure/Short Sale.................3 Years from the date the foreclosure was completed and transferred back to the bank.

Foreclosure/Deed-in-Lieu....................3 Years from the date the foreclosure was completed and transferred back to the bank.

Bankruptcy............................................Chapter 7 or 11 = 3 Years from discharge/dismissal date

                                                                 Chapter 13 = 3 years from discharge/dismissal date

Updated 10.7.2021