Waiting Period After Bankruptcy

There is a mandatory waiting period after a bankruptcy discharge of 2 years from the date of the bankruptcy discharge date in order for a mortgage loan borrower to qualify for a FHA insured mortgage loan ror a residential one to four unit property.  Just because the mortgage loan borrower has passed the 2 year mandatory waiting period does not automatically qualify him or her for a residential mortgage loan.  Mortgage lenders want to see re-established credit and no late payments after a bankruptcy discharge.  Most mortgage lenders want to see an automated approval via Fannie Mae’s Automated Underwriting System in order to proceed with the mortgage underwriting process.  There is a one year mandatory waiting period after a bankruptcy discharge for FHA Back to Work Extenuating Circumstances due to an economic event mortgage program.

Waiting Period After Foreclosure, Deed In Lieu Of Foreclosure, Short Sale

There is a mandatory waiting period of three years after the recorded date of the foreclosure, deed in lieu of foreclosure, or short sale in order to qualify for a FHA mortgage loan.  There is a one year mandatory waiting period after the recorded date of the foreclosure, deed in lieu of foreclosure, or short sale for those mortgage loan borrowers who want to qualify for a FHA insured mortgage loan if the mortgage loan borrower qualifies for FHA Back to Work extenuating circumstances due to an economic event mortgage loan program.

Waiting Period After Foreclosure, Deed In Lieu Of Foreclosure, Short Sale On Time Share

Time shares used to be extremely popular and many Americans have had foreclosures and/or deed in lieu of foreclosure on their time shares.  FHA and Fannie Mae do not consider foreclosures and/or deed in lieu of foreclosures as regular foreclosures and waiting periods after a foreclosure, deed in lieu of foreclosures, or short sales.  Waiting periods do not apply for time shares and anyone with a prior foreclosure, deed in lieu of foreclosures, or short sales can qualify for FHA insured mortgage loans as well as conventional mortgage loans.

Gustan Cho NMLS ID # 873293

The information contained on Gustan Cho Associates website is for informational purposes only and is not an advertisement for products offered by The Gustan Cho Team @ Gustan Cho Associates or its affiliates. The views and opinions expressed herein are those of the author and/or guest writers of Gustan Cho Associates Mortgage & Real Estate Information Resource Center website and do not reflect the policy of Gustan Cho Associates Lenders Network, its officers, subsidiaries, parent, or affiliates.

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