In Short: As of August 12, 2014 borrowers who had a past mortgage included in a past Chapter 7 bankruptcy, the borrower only has to wait 4 years from the date of the discharged bankruptcy to get a new conventional loan… you no longer have to wait 7 years!
That’s right, borrowers who want to get a conventional mortgage no longer have to wait 7 years if they put their mortgage into a past Chapter 7 bankruptcy. The fact that buyers do not have to wait 7 years after the foreclosure is a really big deal. Many valley home owners had their mortgage foreclosures put into their bankruptcy. It is estimated that 20% of homeowners who filed bankruptcies put their mortgage debt into the bankruptcy.
Seasoning Requirements for Conventional Loans:
Seasoning Requirements for FHA Loans:
Seasoning Requirements for VA Loans:
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