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 & 203917. Howard Hanna Real Estate Services is not a mortgage lender. Contact Howard Hanna Mortgage Services for mortgage products & eligibility. Offer of credit is subject to credit approval. Howard Hanna Mortgage Services is licensed by: The Pennsylvania Department of Banking and Securities. The Ohio Department of Commerce – Division of Financial Institutions. The Michigan Department of Licensing and Regulatory Affairs, Office of Financial and Insurance Regulation. 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.