Always Ask for Sue and Ken: How Long Do I Have to Wait?

The question concerning people who’ve had a foreclosure, short sale or bankruptcy is when they will be able to qualify for a mortgage loan. It takes different amounts of time to heal credit scores based on the event.

The following chart is meant to be a general guide for how long a person might have to wait. During this waiting period, it’s important that the person be current on all payments and maintains a history of good credit.

Type	FHA	VA	USDA	FNMA/Freddie Mac			Jumbo
Foreclosure	3 years	2 years	3 years	7 years			7 years
Deed-in-Lieu of Foreclosure	3 years	2 years	3 years	2 years <80%	4 years 81-90%	7 years > 90%	7 years
Short Sale	3 years	2 years	3 years	2 years <80%	7 years 81-90%	7 years > 90%	7 years
Chapter 7 Bankruptcy	2 years	2 years	3 years	4 years			7 years
Chapter 13 Bankruptcy	1 year	1 year	1 year	2 years			7 years

A recommended lender can give you specific information regarding your individual situation and can make suggestions that will improve your ability to qualify for a mortgage. We want to be your personal source of real estate information and we're committed to helping from purchase to sale and all the years in between.

Sue Lawrence and Ken McCormick can be reached at 806-355-9601. Prudential, Ada REALTORS is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential company, an Equal Housing Opportunity.

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