Can you get a Fannie Mae loan with a bankruptcy?
To be eligible for a mortgage loan, Fannie Mae requires borrowers to demonstrate that they have re-established credit following a significant derogatory credit event, such as a foreclosure, bankruptcy, preforeclosure sale (commonly known as a short sale), or deed-in-lieu (DIL) of foreclosure.
How many years after bankruptcy can I get a conventional loan?
4 years
Conventional Loans Chapter 7 must be dismissed or discharged 4 years prior to application for a conventional loan. In the case of conventional loans with a Chapter 13 bankruptcy, you must wait 4 years from the date of filing and 2 years from the date of discharge before applying for a conventional loan.
How long after Chapter 7 bankruptcy can you get a conventional mortgage?
If you’ve gone through a Chapter 7 bankruptcy, you need to wait at least 4 years after a court discharges or dismisses your bankruptcy to qualify for a conventional loan. Government-backed mortgage loans are a bit more lenient. You need to wait 3 years after your bankruptcy’s dismissal or discharge to get a USDA loan.
Is Fannie Mae a bankruptcy?
Summary — All Waiting Period Requirements
| Derogatory Event | Waiting Period Requirements |
|---|---|
| Bankruptcy — Chapter 7 or 11 | 4 years |
| Bankruptcy — Chapter 13 | 2 years from discharge date 4 years from dismissal date |
| Multiple Bankruptcy Filings | 5 years if more than one filing within the past 7 years |
| Foreclosure1 | 7 years |
What is the Fannie Mae waiting period requirement for a borrower with a Chapter 7 bankruptcy?
A four-year waiting period is required, measured from the discharge or dismissal date of the bankruptcy action. Exceptions for Extenuating Circumstances: A two-year waiting period is permitted if extenuating circumstances can be documented, and is measured from the discharge or dismissal date of the bankruptcy action.
Can you get an FHA loan after bankruptcy?
You are eligible for an FHA loan after Chapter 7 two years after discharge (the court order that releases you from liability for the debts included in the bankruptcy). During those two years, you must have re-established good credit and avoided taking on additional debt.
Can I buy a house with a bankruptcy on my record?
To qualify for a traditional mortgage, which may give you the best rate, you must meet the following requirements: have been discharged from bankruptcy for at least two years and one day. have at least one year of re-established credit showing on two credit items (credit card, car lease, loan, etc.)
How soon can you refinance after a bankruptcies?
Chapter 7: You must wait at least 2 years after the discharge or dismissal date before you can refinance your loan. The 2-year standard only applies to government-backed loans like FHA loans and VA loans. Most lenders require that you wait 4 years after your discharge date for a conventional loan.
What are the Fannie Mae guidelines for bankruptcies?