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there is no derogatory credit information subsequent to the bankruptcy, and.there is no derogatory credit information prior to self-employment,.the applicant obtained a permanent position after the business failed,.

the bankruptcy was caused by circumstances beyond your and/or your spouses control (such as unemployment, medical bills, etc.)Īnother situation for a determining that an applicant is a satisfactory credit risk is in situations where the BK was caused by failure of a business of a self-employed applicant and:.borrower and/or co-borrower have reestablished satisfactory credit, and.There are guidelines that the VA spells out for a Veteran to qualify between 1 and 2 yrs after discharge date according to Chapter 4 of the VA Lender Handbook: if both of the following are met The US Department of Veterans Affairs will allow an eligible Veteran to qualify for a VA loan typically two years after discharge date of a Chapter 7 BK.Conventional Financing with the Federal Home Loan Mortgage Corporation (FHLMC/Freddie Mac) will generally require a borrower to have waited 84 months unless either “extenuating circumstances” can be met ( then its 24 months) OR when “extenuating circumstances” can’t be met and then what Freddie calls “Financial mismanagement” is assumed and then the timeframe is reduced to 48 months and a list of requirements must be met including a 680 score and a perfect rental history.The time is extended to 60 months if there is more than one BK within the last 7 yrs. A two-year waiting period is allowed if certain “extenuating circumstances” can be documented. Conventional Financing with the Federal National Mortgage Association (FNMA/Fannie Mae) after a Chapter 7 is allowed after 48 months from the discharge/dismissal date.Someone who is IN a Chapter 13 and is in the process of REPAYING their debts can qualify for a FHA loan after 12 months of proof of repayment, no “lates” on anything on their credit report AND “permission from the court”. FHA will need a Chapter 7 BK to be dismissed 24 months (or 1 year for someone who’s eligible for the Back to Work program).The two most common types of bankruptcy (BK) are the Chapter 7 (liquidation) and the Chapter 13 (reorganization). Let’s get a list of different situations or events may be required for waiting periods for different types of financing options:

What I wanted to share with you is a current (as of today) crib sheet of how long certain negative things need to be “seasoned” before different types of mortgage financing can be offered. People have had their incomes cut back, lost jobs, bankruptcies, foreclosures and short sales. The last couple years have been hard on many people even though the Federal Government says that the recession is behind us. Since late 2007 and the MORTGAGE MELTDOWN started we’ve had many “inquiries” from prospective MN & WI buyers who’ve wanted to get into a new home or BACKinto home ownership.