Following in the FHA’s footsteps, Fannie Mae has reduced the mandatory waiting period for a mortgage after bankruptcy, short sale, or pre-foreclosure. Borrowers no longer need to wait 4 years.
Maybe you tried to get in on it, but were turned down for a loan. Don’t get mad.get. Also, even if you’re on a great track again after a bankruptcy or foreclosure, lenders will require a 2-4 year.
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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.
As a rule, conventional lenders are willing to consider your loan application two years from a Chapter 13 bankruptcy discharge. The shorter waiting period recognizes that you were successfully.
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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.
"If you filed Chapter 7 bankruptcy, which means you discharged all your debt, you are eligible to apply for a mortgage in two years for an FHA or VA loan and in four years for a conventional. ready.
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Following a similar change with fha mortgage loans, mortgage-backer Fannie Mae has reduced the mandatory waiting period to make a mortgage application after a bankruptcy, short sale, or pre.
Mortgage Bankruptcy Waiting Period | foreclosure waiting period – Waiting Period After Bankruptcy. 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.
1 When both a bankruptcy and foreclosure are disclosed on the loan application, the lender may apply the bankruptcy waiting period if the lender obtains the appropriate documentation to verify that the mortgage loan in question was discharged in the bankruptcy.
Mortgage Professor: ‘Cry letter’ to lender can reduce waiting period – For example, under FHA rules a borrower must wait only two years following discharge from a Chapter 7 bankruptcy, and they can qualify while they are still in a Chapter 13 bankruptcy. They need only.
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