Short Sale - minimum 3 years if a borrower has missed a mortgage payment or made a late mortgage payment and has other delinquencies prior to the Short Sale. HOWEVER, if a borrower was never late on their mortgage during the Short Sale process and has made all other debt payments on time, they can obtain FHA Financing 1 year after the Short Sale. Borrowers who are forced to relocate for work purposes are eligible for FHA Financing 1 DAY after a Short Sale.

 

Foreclosure - Minimum 3 years after a Foreclosure.

 

Bankruptcy - Minimum 2 years after Chapter 7 Bankruptcy. Borrowers must have re-established credit with no late payments or negative credit. Chapter 13 borrowers can obtain financing 1 year after filing as long as they obtain court approval and have a clean 12 month history of making all debt payments on time.