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 is 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.  The waiting period is 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.

INSTRUCTIONS: To use this chart, start with the 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 the 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

NEW LOAN 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