Howard Hanna Mortgage Services: When do I qualify for home financing again?

Life happens. We get it. Here’s how long you have to wait to be eligible for home financing again after bankruptcy, foreclosure, or a short sale.
Conventional Loan
Chapter 7 (Bankruptcy): 4 years from discharge date
Foreclosure: 7 years from date of trustee sale
Short Sale/Deed In Lieu: 4 years from date of short sale
FHA Loan
A Federal Housing Administration (FHA) Loan is insured by the FHA and is available to homebuyers who meet certain guidelines. These mortgage loans are generally considered one of the easiest types to qualify for, as they allow for low down payments with less-than-perfect credit scores. However, these loans also require the borrower to pay for mortgage insurance premiums.
Chapter 7 (Bankruptcy): 2 years from discharge date
Foreclosure: 3 years from date of trustee sale
Short Sale/Deed In Lieu: 3 years from date of short sale
VA Loan
Veterans Administration (VA) loans are available at competitive rates for those who have served our country in the military service. Many of these loans require no down payment. Howard Hanna Mortgage Services is a VA delegated lender with in-house approval capabilities.
Chapter 7 (Bankruptcy): 2 years from discharge date
Foreclosure: 2 years from date of trustee sale
Short Sale/Deed In Lieu: 2 years from date of short sale
USDA Loan
USDA loans are offered by the United States Department of Agricultural through the USDA loan program, or the USDA Rural Development Guaranteed Housing Loan Program, to rural and suburban property owners. Like VA loans, USDA loans allow for zero mortgage down payments; however, if you put little or no money down, they require you to pay a mortgage insurance premium.
Chapter 7 (Bankruptcy): 3 years from discharge date
Foreclosure: 3 years from date of trustee sale
Short Sale/Deed In Lieu: 3 years from date of short sale
Jumbo Loan
Jumbo loans exceed the limits set by the Federal Housing Finance Agency (FHFA) and are designed to finance luxury properties and homes in highly competitive local real estate markets. Because these loans finance such a large sum, they generally come with unique underwriting requirements and tax implications. How much a jumbo loan can finance varies by state and even by county. The FHFA sets the conforming loan limit size for different areas on an annual basis.
Chapter 7 (Bankruptcy): No prior bankruptcy allowed
Foreclosure: No prior foreclosure allowed
Short Sale/Deed In Lieu: No prior short sale allowed
NMLS# 101561. Restrictions apply. Advanced Equity Loan must be in 1st or 2nd lien position. Offer of credit is subject to credit approval. Contact Howard Hanna Mortgage Services for mortgage products and eligibility. Howard Hanna Mortgage Services is licensed by: The Pennsylvania Department of Banking and Securities as a Mortgage Lender – License number 21415. The Ohio Department of Commerce – Division of Financial Institutions – License number RM.804531.000. The Michigan Department of Licensing and Regulatory Affairs, Office of Financial and Insurance Regulation, First Mortgage Broker/Lender License number FL0022570, Second Mortgage Lender Registration number SR0022571. The West Virginia Division of Banking – License number ML-20884. Howard Hanna Mortgage Services is registered to do business in Pennsylvania, Ohio, Michigan and West Virginia. Contact a Howard Hanna Mortgage Loan Originator for full details. PA (800) 474-4437, 1000 Gamma Drive – Pittsburgh, PA 15238. OH and MI – (800) 589-1118, 6000 Parkland Blvd. – Mayfield Hts., OH 44124. mortgage@howardhanna.com.