How long do you have to wait after a foreclosure, short sale or bankruptcy to be able to buy a home again? It is a question I hope to never get, but unfortunately, in this day and age, it does get asked. To find out how long the process takes, I turned to an expert and consulted Tracey McVicker with SWBC Mortgage. Tracey outlined the time frames below. For more specific questions about the time period and process, feel free to contact Tracey directly by clicking here. Hopefully you will never have to face this situation. Butif it looks like you might, make sure to contact me as soon as possible to see if we can get your home sold and an alternative worked out so you don't have to wait so long to get back into a home again.
Foreclosure - After a foreclosure, it will take 7 years from the completion date to obtain financing through Fannie Mae and Freddie Mac. It will take 3 years from the completion date for FHA and 2 years for VA.
Short Saleor Deed-in-Lieu - Between 2 and 7 years for Fannie Mae and Freddie Mac from the completion date depending on how much you put down. It is 3 years from completion date for FHA and 2 years for VA.
Chapter 7 Bankruptcy - 4 years from discharge or dismissal date for Fannie Mae and Freddie Mac. 2 years from discharge date for FHA and VA.
Chapter 13 Bankruptcy - 2 years from discharge date and 4 years from dismissal date for Fannie Mae and Freddie Mac. For FHA and VA, 1 year of the payout must elapse and payment performance must be satisfactory. Buyer must receive permission from the court to enter into a mortgage.
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