Having previous credit issues doesn’t mean you will never qualify for a mortgage. Below we have a list of the most common delinquencies and the waiting time frames for each.
|Waiting periods for previous Foreclosure, Short Sale, and Bankruptcy|
|Foreclosures||7 Years from completion of foreclosure.||3 years from completion of foreclosure.||2 years from foreclosure date.|
|Short Sale||4 Years from completion date.||3 years from completion date.||2 years from short sale date.|
|Chapter 7 Bankruptcy||4 years from discharge/Dismissal.||2 years from discharge with AUS approval.||2 years from discharge date.|
|Chapter 13 Bankruptcy||2 years from discharge 4 from dismissal.||1 year of the payment period must have elapsed with satisfactory payment performance and permission from the court.||1 day from completion of payment plan if all payments were satisfactory and permission from the court.|
*These guidelines are subject to change without notice.