Call/Text Dan: (425) 350-7136 email me

A common question that Washington State home buyers and sellers are asking today is, “How long must I wait before applying to purchase a home after a bankruptcy, foreclosure or short sale?” Many consumers are being told they cannot purchase a home for 7-10 years following a foreclosure, bankruptcy or short sale, and that simply is not correct.
Below I have broken down the underwriting guidelines for qualifying for a mortgage after a bankruptcy, foreclosure and short sale.

Depending on how long you want to wait, you have options.  But more importantly, let me stress the importance of credit repair, financial education, and a squeaky-clear post hardship credit history.  Contact me directly (or see below) for more information on how I am personally helping clients clean-up their credit, permanently removing past derogitory reportings (bankruptcies, forecloures, and short sales).

Washington State FHA Mortgage
– Chapter 7 Bankruptcy:  2 years from date of discharge
– Chapter 13 Bankruptcy:  1 year of the payout must elapse, and payment history must be perfect.  Buyer must receive permission from the court to enter into a mortgage
– Foreclosure:  3 years from the completion/sell date
– Short Sale:  2 years from the completion date if the loan was NOT in default.  3 years is the loan was in “default” status

Washington State VA Mortgage
– Chapter 7 Bankruptcy:  2 years from date of discharge
– Chapter 13 Bankruptcy:  1 year of the payout must elapse, and payment history must be perfect.  Buyer must receive permission from the court to enter into a mortgage
– Foreclosure:  2 years from the completion/sell date
– Short Sale:  2 years from the completion date if the loan was NOT in default.  3 years is the loan was in “default” status

Washington State USDA Mortgage
– Chapter 7 Bankruptcy:  2 years from date of discharge
– Chapter 13 Bankruptcy:  2 years from the date of discharge
– Foreclosure:  3 years from the completion/sell date
– Short Sale:  2 years from the completion date if the loan was NOT in default.  3 years is the loan was in “default” status

Washington State Conventional Mortgage
– Chapter 7 Bankruptcy:  4 years from date of discharge
– Chapter 13 Bankruptcy:  2 years from the date of discharge
– Foreclosure:  5 years from the completion/sell date
– Short Sale:  2 years from the completion date

For more information on preparing to purchase again after a foreclosure, bankruptcy or short sale, you may contact me directly at (425) 350-7136 or dan.keller@nafinc.com.

CLICK HERE —> For more information on Credit Repair and how I am adding 25-50 points per month and getting short sales, bankruptcies and foreclosures removed from inaccurately reporting on consumer’s credit reports.

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Dan Keller MLO# 115349

Call/Text: (425) 350-7136

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Dan Keller – Lic # MLO 115349
Mortgage Advisor at
NEW AMERICAN FUNDING http://www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/3193
2016 Refinance Planning Guide