FLORIDA

SINCE 1995

‍‍‍DIRE‍‍‍CT LENDING

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We offer solutions without the traditional waiting periods.

NO WAITING PERIODS AFTER

BANKRUPTCY,

FORECLOSURE &

SHORT SALE

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1 - If there were no late payments on the prior loan during the 12 mos leading up to the short sale date.

2 - If the home was surrendered and the mortgage was included in a Bankruptcy, then the seasoning period can begin from the date of final discharge.

3 - 4 years for financial mismanagement. 2 years with extenuating circumstances.

4  - 7 years for financial mismanagement. 3 years w extenuating circumstances

5  - If the foreclosed property was protected in BK, then BK rules can apply.

6  - With extenuating circumstances only.

7  - If Chapter 13 (Conventional): 2 year waiting period from date of discharge to the new closing date.  If the process was dismissed at any time, then there is a 4 year waiting period that begins from the filing date of the dismissal (even if the BK was eventually discharged)

8 - If Chapter 13 Discharged (FHA), no waiting period required.  If less than 2 years has elapsed since discharge, the file may be eligible for a manual underwrite (see your loan originator for details)  If the BK is not yet dismissed, must provide 1) proof of 12 months of current payments and 2) a letter from the Bankruptcy judge authorizing the purchase of a home.

If you have experienced a bankruptcy, foreclosure, or short sale, there are waiting periods before you can obtain a traditional home loan.  Waiting periods are based on two factors: 1) the type of prior housing event you experienced, and 2) the type of loan program for the new home loan.

 

HOW TO USE THIS CHART
 

To use this chart, start by finding your prior event (bankruptcy, foreclosure or short sale/ Deed-in-Lieu). Then follow it across to the right column to see the waiting period that applies to each new loan program type.

› 2 yrs  from CERTIFICATE OF TITLE

› 0  (No waiting period)

› 2 yrs  from date of discharge

› 3 yrs  from date of discharge

› 3 yrs  from CERTIFICATE OF TITLE

› 3 YRS or (POTENTIALLY No waiting period)

2

1

› 2 or 4 yrs  from date of discharge

› 3 or 7 yrs  from CERTIFICATE OF TITLE

› 2 yrs w/ 20 % DOWN payment

4 yrs

3, 7

4, 5

6

HOME LOAN WAITING PERIOD / ELIGIBILITY CHART

› 2 yrs  from date of discharge

› 3 yrs  from CERTIFICATE OF TITLE

3 YRS or (POTENTIALLY No waiting period)

1

WAITING PERIODS AFTER

BANKRUPTCY, FORECLOSURE & SHORT SALE

8