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





Brian Sapp NMLS ID# 295420 | CA DRE#: 01170429 | Branch NMLS ID# 1841782 | RM.804129.014

Summit Funding, Inc. NMLS ID# 3199 (www.nmlsconsumeraccess.org). Licensed by CA Dept of Business Oversight #6072526,

CA Bureau of Real Estate #01220358, AZ Lic# 0925837, GA Lic# 39456, Illinois Residential Mortgage Licensee.

Summit Funding, Inc. Privacy Policy 
Equal Housing Opportunity. Fair Housing & Discrimination violations will be reported online to HUD's local FHEO Regional Office or by calling the Fair Housing Complaint Hotline at 1-800-669-9777

‚Äč

Last Revised: 7/03/2019

  • Facebook - Black Circle
  • Twitter - Black Circle
  • Instagram - Black Circle