ELIZABETH ROLFE, PLLC
ASSOCIATE BROKER
602-617-2909
SUSAN WEINBERGER
REALTOR
480-209-3700
The Rolfe Realty Team
Home Smart Realty | Million Dollar Club
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How Soon Can You Buy Your Next Home?

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Short Sales, Forecolsures, and Bankruptcies are no fun. The financial and emotional toll can be devastating. If you've been through one of these deficiency transactions, you may be wondering how soon will you able to qualify for a loan on your next property. Listed below are the timelines for FHA, VA, and conventional loans.

Timelines for FHA, VA and Conventional Loans
After Short Sale and Foreclosure



Federal Housing Administration (FHA)

  • Foreclosure is 3 years
  • Deed-in-Lieu is 3 years
  • Short Sale is 3 years (NOTE: No seasoning if no late pays in previous 12 months, proceeds serve as payment in full and not buying a similar or superior property within reasonable commuting distance)
  • Bankruptcy (Chapter 7) is 2 years
  • Bankruptcy (Chapter 13) is 1 year



Veterans Administration (VA)

  • Foreclosure is 2 years
  • Deed-in-Lieu is 2 years
  • Short Sale is 2 years
  • Bankruptcy (Chapter 7) is 2 years
  • Bankruptcy (Chapter 13) is 1 year



Conventional Conforming (FNMA/FHLMC)

  • Foreclosure is 7 years
  • Deed-in-Lieu is 2 years (80% max LTV, 4 years if 90% LTV or 7 years if max allowable LTV)
  • Short Sale is 2 years (80% max LTV, 4 years if 90% LTV or 7 years if max allowable LTV)
  • Bankruptcy (Chapter 7) is 4 years
  • Bankruptcy (Chapter 13) is 2 years



Conventional Non-Conforming (JUMBO)

  • Foreclosure is 7 years
  • Deed-in-Lieu is 7 years
  • Short Sale is 7 years
  • Bankruptcy is 7 years



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