Getting a loan after a foreclosure, short sale or bankruptcy is the goal many people have. These types of future homeowners are called “boomerang buyers.” If you went through such a painful experience, you weren’t alone. Millions had lost their homes during the recession. Now that the economy has improved and interest rates are still low, your ability to buy a home has never been better.
Have you heard of the term “boomerang buyer” before? These individuals have gone through a foreclosure, short sale or bankruptcy . They realize that now is the time to buy a home and have met the waiting requirements for getting a mortgage. Check out the chart for an overview of the required waiting periods before applying for a loan.
Important: The clock starts with the discharge date, not with the initial filing date.
| FORECLOSURE | SHORT SALE | CHAPTER 7 BANKRUPTCY | CHAPTER 13 BANKRUPTCY |
| 3 years – FHA
2 years – VA
4 years – conventional |
3 years – FHA
2 years – VA
4 years – conventional |
2 years – FHA
2 years – VA
4 years – conventional |
12 months of plan payments. Court approves request to purchase a house with an FHA loan. |
The borrower has to establish a history of good credit, a satisfactory employment history and meet other financial qualifications. This information is provided for educational purposes. Contact the appropriate professional(s) if you need in-depth information pertaining to your situation.
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