Waiting Periods on Bankruptcy. – iLoan Home Mortgage – Conventional Financing with the Federal National Mortgage Association (FNMA/Fannie Mae) after a Chapter 7 is allowed after 48 months from the discharge/dismissal date. A two-year waiting period is allowed if certain "extenuating circumstances" can be documented.
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Waiting Periods For Derogatory Credit FANNIE MAE FREDDIE MAC Derogatory Event Waiting Period. Waiting Period with Extenuating Circumstances Bankruptcy Chapter 7 or 11 4 years 2 years 4 years 2 years bankruptcy chapter 13 discharge date 2 years from 4 years from dismissal date.
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For chapter 7 bankruptcy, FHA and VA regulations require a two-year waiting period from the time of discharge (not the time of filing).Conventional loans require a four-year waiting period from the discharge date. Getting a FHA or VA loan after Chapter 13 bankruptcy is a little more complicated.
If you’re applying for Conventional financing using Fannie Mae guidelines, the "seasoning period" starts from the day of your Bankruptcy Discharge. FHA financing will consider the BK and the foreclosure as separate events with separate waiting periods – 2 years from the discharge of the BK, 3 years from the date your name was removed from title through foreclosure.
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· Buying after a Chapter 13 bankruptcy: Two years from the discharge date or four years after the dismissal date In addition to the waiting period, some loans require a minimum 10% down payment and a minimum FICO score.
– Your shortest waiting period is to use a FHA loan, that’s only a 2 year wait from the discharge of the bankruptcy. Conventional financing is a 4 year waiting period. If you qualify for the extenuating circumstances exception, that could reduce the waiting period on FHA from 2 years to 1 year, and Conventional from 4 years to 2 years.
The foreclosure waiting period for a conforming loan is typically seven years. However, when bankruptcy includes your foreclosure, you may qualify for a shorter waiting period. The key here is knowing if your foreclosure occurred before or after your bankruptcy. Different rules apply depending on those dates.
Conventional bankruptcy waiting period: There is a four year waiting period after a chapter 7 or 11 bankruptcy for a conventional loan. The waiting period for a bankruptcy (chapter 13) is two years from the discharge date or four years from the dismissal date.