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Post-Bankruptcy, Foreclosure, and Short Sale Options

Post-Bankruptcy, Foreclosure, and Short Sale Options

June 9th, 2014 | Bankruptcy, Foreclosure, Short Sales

How Long Before I Can Buy A Tennessee Home
After A Short Sale, Foreclosure or Bankruptcy
on Conventional and FHA mortgages?

Yes, there is a waiting period. The good news is there are prescribed waiting periods for qualifying for a new loan, depending on the circumstances of how you lost your last home.

Review the chart below and you will be able to determine which period applies to you and when you will be able to apply for mortgage to purchase a home again.

OCCURANCE
CONVENTIONAL
FHA
FORECLOSURE
7 years from completion date

3 years with extenuating circumstances at 90% LTV (primary residences only)
3 years from completion date

1 - 3 years with extenuating circumstances
CHAPTER 7
4 years from discharge date

1-2 years with extenuating circumstances
2 years from discharge date

2 years with extenuating circumstances
CHAPTER 13
2 years from discharge date

4 years from dismissal date
1 year from payout period (with Court permission)

2 yrs with extenuating circumstances
SHORT SALE
2 years with 80% LTV

4 years with 90% LTV

7 years with >90% LTV
3 years from completion date

1 - 3 years with extenuating circumstances (less than 1 year if current on payments)
DEED-IN-LIEU
2 years with 80% LTV

4 years with 90% LTV

7 years with >90% LTV
3 years from completion date

Less than 3 years with extenuating circumstances

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