Obtain a Mortgage 1 Day out of Bankruptcy Chapter 7 or 13, Foreclosure and Short Sale.

Keelin Billue Gubbels Mortgage, New Home Buyer, News, Realtor

How long do I have to wait after declaring bankruptcy to buy a property?

How long do I have to wait after a short sale to buy buy a property?

How long do I have to wait after a foreclosure to buy buy a property?

We offer a program for borrowers that, if they qualify, to purchase a home 1 day after a Chapter 7 bankruptcy or 1 day after a chapter 13 bankruptcy.  It is possible to still buy a home after an event such as a bankruptcy.

Don’t wait with CFS.  Here is a chart with waiting times.

Foreclosure Short Sale
Deed-in Lieu
Chapter 7 Bankruptcy Chapter 13
Bankruptcy
Portfolio Lending 1 day after completion date 1 day after completion date 1 day after discharge date with house included; 12 months without house included 1 day after discharge date; buyout with trustee permission
Freddie Mac
  • 7 years for date of completion
  • 3-7 years min 10% down
  • 4 years form date of completion
  • 4 years from deed-in-lieu
  • 4 years from date of dismissal or discharge
  • 2 years from date of discharge
Fannie Mae
  • 7 years for date of completion
  • Acceptable extenuating circumstances for 3-7 years and 10% down
  • 4 years form date of completion
  • 4 years from deed-in-lieu
  • 4 years from date of dismissal or discharge
  • 2 years from date of discharge
  • 4 years from date of dismissal
FHA
  • 3 years from date of completion
  • 3 years from date of completion
  • Per FHA ML 09-52, FHA financing can be obtained in less that 3 years under certain circumstances
  • 2 years from date of discharge
  • 1 year of the payoff must elapse and payment performance must be satisfactory, buyer may enter into a mortgage only with permission of court
VA
  • 2 years from date of discharge
  • No specific information available
  • 2 years from date of discharge
  • 1 year of the payoff must elapse and payment performance must be satisfactory, buyer may enter into a mortgage only with permission of court
USDA • 3 years from completion date
  • 3 years from completion date
  • 3 years from discharge date
  • 1 year of the payoff must elapse and payment performance must be satisfactory, buyer may enter into a mortgage only with permission of court
Jumbo • Each scenario is reviews on a case by case basis.
Jumbo waiting periods vary by lender. Borrowers will be reviewed on a case-by-case basis. Waiting period time frames may be less in situation with extenuating circumstances.

Call Jim Walsh to Learn More

Jim Walsh

Senior Loan Officer
Direct: 312.204.6534
Email: jwalsh@cfsmortgage.com
NMLS #473231

Portfolio disclosure – Borrower must meet all credit standards and rent verification for the prior 12 months on the portfolio program.  Credit score and down payment will dictate the waiting period for each loan. All other credit accounts must meet underwriting requirements for on-time payment and length of account on credit report.  Loan to values up to 85% require one year waiting period.  Loan to value up to 90% require two year waiting period. All loans must meet mortgage insurers final approval. This is not an offer for extension of credit or a commitment to lend.  All loans must satisfy underwriting review and compliance tests required by law.  Restrictions may apply to all loan programs.  Loan programs are subject to change without notification.  Interest rates are subject to change without notice.