What are the Fannie Mae guidelines for bankruptcies?
Summary — All Waiting Period Requirements
| Derogatory Event | Waiting Period Requirements |
|---|---|
| Bankruptcy — Chapter 7 or 11 | 4 years |
| Bankruptcy — Chapter 13 | 2 years from discharge date 4 years from dismissal date |
| Multiple Bankruptcy Filings | 5 years if more than one filing within the past 7 years |
| Foreclosure1 | 7 years |
Can you get a conventional loan with bankruptcies?
Conventional Loans Chapter 7 must be dismissed or discharged 4 years prior to application for a conventional loan. In the case of conventional loans with a Chapter 13 bankruptcy, you must wait 4 years from the date of filing and 2 years from the date of discharge before applying for a conventional loan.
How long do I have to wait to get a mortgage after Chapter 7?
Generally, you must wait: Two years after filing for Chapter 7 bankruptcy for FHA loans and VA loans. Three years after filing for Chapter 7 bankruptcy for USDA loans. One year after Chapter 13 for FHA loans, VA loans, and USDA loans.
What is the Fannie Mae waiting period after Chapter 7?
A four-year waiting period is required, measured from the discharge or dismissal date of the bankruptcy action. Exceptions for Extenuating Circumstances: A two-year waiting period is permitted if extenuating circumstances can be documented, and is measured from the discharge or dismissal date of the bankruptcy action.
Can I get a conventional loan after Chapter 7?
The waiting period for a conventional loan after bankruptcy is: Chapter 7 – Four years after discharge date. Chapter 13 – Two years. If the case is dismissed, which happens when the person filing for bankruptcy doesn’t follow the plan, it’s four years.
Can you buy a house after Chapter 7 with a co signer?
Can you buy a house after Chapter 7 with a co-signer? Yes, having a co-signer can improve your chances of getting a mortgage after a bankruptcy.
What qualifies as extenuating circumstances for Fannie Mae?
For a Fannie Mae loan, “extenuating circumstances” are situations which (1) occur one-time only; (2) are beyond the borrower’s control; and, (3) result in a sudden, significant, and prolonged reduction in income.
What does FHA consider extenuating circumstances?
FHA describes extenuating circumstances as circumstances that were beyond the control of the borrower, such as a serious illness or death of a wage earner, and the borrower has re-established good credit since the major credit event.