VA(veteran of the military) - If you are a VET, you are in luck. In most cases you can be back into a new home in as little as 2 years after a foreclosure, short sale or BK -7. If there were extenuating circumstances, as little as 1 year!
FHA - FHA is pretty lenient as well. Here is the breakdown:
- Foreclosure/Deed in Lieu- 3 years to be eligible or 2 years with extenuating circumstances
- Short Sale- 3 years to be eligible or no wait time if no late payments on mortgage or consumer debt in the last 12 months and was not considered a bail out.
- Chapter 7 BK- 2 years to be eligible or 1 year with extenuating circumstances.
Conventional - Conventional financing is the most harsh and hardest to qualify but has some exceptions
- Foreclosure- 7 years to be eligible or 3 years with extenuating circumstances and 10% down. Primary residence only.
- Short Sale/Deed In Lieu - 7 years to be eligible with less than 10% down or 4 years with 10% down or 2 years with 20% down or 2 years with 10% down and extenuating circumstances.
- Chapter 7 BK - 4 years to be eligible or 2 years with extenuating circumstances.
Very important 
Examples of extenuating circumstances:
- Serious illness or death
- Events beyond the borrowers control
- Possible catastrophic increase in financial obligations
- Medical bills not covered by insurance
What is not an extenuating circumstance?
- Divorce
- Job loss or transfer (except VA)
- Inability to sell a property
There are exceptions to every rule. Please inquire for further details. Direct 602-684-6951
TheMortgageJockey
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