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 *BUYER WAITING PERIOD TIME FRAMES*

Foreclosure

7 Years

Short Sale

• 2 Years with 80% LTV Ratio
• 4 Years with 90% LTV Ratio
• 7 Years with >90% LTV Ratio

Chapter 7 Bankruptcy

4 Years from Discharge or Dismissal Date

Chapter 13 Bankruptcy

• 2 Years from Discharge Date
• 4 Years from Dismissal Date

Freddie Mac

Foreclosure

• 4-7 Years with 90% LTV Ratio
• 7 Years from completion date >90% LTV Ratio

Short Sale

4 Years from Completion Date

Chapter 7 Bankruptcy

4 Years from Discharge or Dismissal Date

Chapter 13 Bankruptcy

2 Years from Discharge Date

FHA

Foreclosure

3 Years from Completion Date

Short Sale

3 Years from Completion Date
* Per FHA ML 09-52, FHA financing can be obtained in less than 3 years under certain conditions.

Chapter 7 Bankruptcy

2 Years from Discharge or Dismissal Date

Chapter 13 Bankruptcy

1 Year of payout must elapse and payment performance must be satisfactory; buyer must receive permission from the court to enter into a mortgage.

VA

Foreclosure

2 Years from Completion Date

Short Sale

No specific information on this yet. Assume 2 year rule.

Chapter 7 Bankruptcy

2 Years from Discharge date

Chapter 13 Bankruptcy

1 Year of payout must elapse and payment performance must be satisfactory; buyer must receive permission from the court to enter into a mortgage.