Derogatory Credit Waiting Period Timeframes
Short Sale
Conventional -
4 years from completion date regardless of the down payment amount.
FHA -
3 year waiting period
VA -
2 year waiting period
Foreclosure
Conventional -
7 years elapsed from date of trustee sale - may allow 3 years if extenuating circumstances can be documented / approved along with other restrictions.
FHA -
3 years waiting period - may allow sooner with extenuating circumstances.
VA -
2 years elapsed from time of event.
Bankruptcy
Conventional -
Chapter 7: 4 years waiting period from Discharge Date - may be able to wait only 2 years with extenuating circumstances
Chapter 13: 2 years waiting period from time of discharge or 4 years wait from time of dismissal.
FHA -
Chapter 7: 2 years from Discharge Date
Chapter 13: 1 year waiting period with on time payments and permission by court or trustee.
VA -
Chapter 7 or 13: 2 years from discharge
