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Do you have to wait to jump back in the Housing market? Here’s a time table for reference on each loan program

Conventional loans –

Foreclosure - the wait period for a foreclosure is 7 years unless included in a bankruptcy, then 4 years.

Short Sale – 4 years

Chapter 7 – 4 years from discharge or dismissal date

Chapter 13 – 2 years from discharge date or 4 years from dismissal date

FHA loans

Foreclosure – The wait period is 3 years from Trustee Sale

Short Sale – 3 years. *no waiting period IF no lates on mortgage at time of short sale!

Chapter 7 – 2 years from discharge date OR 3 years if the Property was included in Bankruptcy

Chapter 13 – 1 year of payout with satisfactory payment performance & court permission

VA Loans

Foreclosure – 2 years from trustee sale

Short sale – No waiting period with a clear CAIVRS unless a VA short sale – 2 years

Chapter 7 – 2 years from discharge date

Chapter 13 – 1 year of payout with satisfactory payment performance & court permission