Guidelines......When can I buy a home again??

EVENT

FHA

VA

CONVENTIONAL FANNIE/FREDDIE

Bankruptcy Chapter 7 or 11

2 years

Reference FHA 4155.1 Chp 2 Section E

2 years

VA Pamphlet 26-7 Chp 4.07

4 years

Bankruptcy Chapter 13

None- Need 12 months of on time payment history and approval from trustee

Reference FHA 4155.1 Chp 2 Section E

None- Need 12 months of on time payment history and approval from trustee

VA Pamphlet 26-7 Chp 4.07

2 years from discharge date

4 years from dismissal date

Multiple BK Filings

Not addressed by FHA

Not addressed by VA

5 years if more than 1 Bankruptcy has been filed in the past 7 years

Foreclosure

3 years

2 years

If on a prior VA loan then entitlement must be restored

VA Pamphlet 26-7 Chp 4.07

7 years

Effective October 1, 2010

Reference SEL 2010-05

Short Sale

3 years from date of short sale or date that FHA paid the claim if loan had been FHA insured

FHA Mortgagee Letter 09-52

Not currently addressed by VA guidelines however most investors will defer to FHA guidelines of 3 years

VA Pamphlet 26-7 Chp 4.07

If buying at 80% LTV, 2 years

If buying at 90% LTV, 4 years

If buying > 90% LTV, 7 years

Also applies to Deed In Lieu

Reference SEL 2010-08