+1 vote
asked Nov 13, 2017 in Conventional Loans by G

2 Answers

+1 vote
Conventional loans require a minimum of 2 years after bankruptcy, but up to 4 years. To qualify for 2 years, the BK must have been a result of extenuating circumstances. For a Fannie Mae loan, "extenuating circumstances" are situations which (1) occur one-time only; (2) are beyond the borrower's control; and, (3) result in a sudden, significant, and prolonged reduction in income. Here's an in-depth post about this issue. https://themortgagereports.com/16750/fannie-mae-waiting-period-bankruptcy-short-sale-foreclosure

If conventional doesn't work, you might have better luck with an FHA loan.
answered Nov 13, 2017 by anonymous
0 votes
There is a 4 year waiting period after CHAPTER 7 BANKRUPTCY discharged date to qualify for Conventional Loans.  2 year waiting period after CHAPTER 13 BANKRUPTCY discharged date to qualify for Conventional Loans.  2 year waiting period after CHAPTER 7 BANKRUPTCY discharged date to qualify for FHA LOANS. No waiting period after CHAPTER 13 BANKRUPTCY discharged date to qualify for FHA LOANS.

Gustan Cho NMLS 873293
Branch Manager of USA MORTGAGE
A Division of DAS ACQUISITION COMPANY NMLS 227262
The Gustan Cho Team at USA MORTGAGE
www.gustancho.com
answered Feb 11, 2018 by GustanCho (106,540 points)

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