Because guidelines change so frequently I wanted to let you all know what they are for BK’s and Foreclosures as requested:
FHA: Chapter 7 is 2 years after discharge with re-established credit .
Chapter 13 is allowed after 12 months has elapsed and review of the payout period performance has been satisfactory and the borrower receives court approval.
Foreclosure/Short sale a borrower who has been given a deed-in-lieu of foreclosure, sold his home through a short sale or was foreclosed upon is not eligible for a new FHA loan for
at least 3 years.
**Conventional: Chapter 7 is five years or greater from the most recent discharge/dismissal date.
Chapter 13 is two years or greater from discharge date or four years or greater from dismissal date.
Foreclosure/short sale is 7 years or greater.
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