Waiting Period for Buying a House

Buying a House After...

Conventional Loan FHA Loan VA Loan USDA Rural Loan

Foreclosure

7 Years from Completion Date

2 Years with 20% down & extenuating circumstances 4 Years with 10% Down 7 Years Standard Eligibility 2 Years with 20% down & extenuating circumstances 4 Years with 10% Down 7 Years Standard Eligibility

3 Years from Completion Date

2 Years from Completion Date

3 Years from Completion Date 3 Years from Completion Date 3 Years from Completion Date 3 Years from Completion Date

Short Sale

3 Years from 2 Years from Completion Date Completion Date *Borrower can qualify

*Borrower can qualify with with no waiting period if no waiting period if short short sale was complete sale loan was not a VA loan with no late payments & & borrower has borrower has extenuating extenuating circumstances.* circumstances.*

Deed in Lieu

3 Years from Completion Date 2 Years from Discharge Date

2 Years from Completion Date 2 Years from Discharge Date

Chapter 7 Bankruptcy

*If mortgage was included in BK, then use foreclosure period*

4 Years from Discharge or Dismissal Date

*If mortgage was included in BK, then use foreclosure period.*

Chapter 13 Bankruptcy

2 Years from Discharge Date 4 Years from Dismissal Date

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

ROBERT HAYS

Senior Mortgage Loan Originator 970-257-9923 DIRECT 970-241-6100 Office | 866-378-6655 Fax 2474 Patterson Rd, Suite 200 | Grand Junction CO 81505 www.MajorMortgage.com | rhays@majormortgage.com NMLS# 232049 | LMB# 100015437
A Division of Amcap Mortgage Ltd., NMLS #129122 | Mortgage loans originated by Major Mortgage are subject to credit approval, verification and collateral evaluation. Terms, conditions and restrictions may apply. Must qualify for loan program requirements. To check the license status of your mortgage broker, visit www.dora.state.co.us/real-estate/index.htm. Regulated by the CO Division of Real Estate.