Conventional loan waiting periods after hardship

Did you     know.....?????

In recent past years many have suffered financial hardships that have included the lost of a house due to bankruptcy, short sale or foreclosure.  Once you file bankruptcy, done a short sale or lost it due to foreclosure there are specific waiting periods before you are able to qualify for new mortgage. 

Conventional loan the waiting  period is as follows.

Bankruptcy (Chapter 7)

      *4 years after discharge

Short Sale

        *4 years after sale/closing date

Foreclosure

         *7 years after Sheriff Sale Date

In some situations the waiting periods may be shortened.  Contact your mortgage financial specialist to further discuss your situation to get a clear understanding of YOUR waiting period. 

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