Waiting Periods
Prospective buyers who've experienced a foreclosure or bankruptcy can 
expect the following waiting periods before they can seek loan approval.
| Fannie Mae and Freddie Mac | Dept. of Veterans Affairs | Federal Housing Administration | |
| Foreclosure | Seven years, but the lender will make exceptions at three years if extenuating circumstances are met such as job loss or death of a wage earner. | Generally, not less than two years with foreclosures and bankruptcies filed under straight liquidation and discharge provisions. If the foreclosure was on a VA loan, the buyer must have paid the VA for its loss before qualifying for a new VA loan. | Three years, but the FHA may grant an exception if the foreclosure was a result of serious illness or death of a wage earner and the borrower has reestablished good credit. |
| Chapter 7 or 11 Bankruptcy | Four years (two years with extenuating circumstances). | Under a Chapter 7, two years after the discharge with reestablished good credit or no incurred new credit obligations, | |
| Chapter 13 Bankruptcy | Two years from discharge date; four years from dismissal date. | After making 12 months of payments to a court-appointed trustee and the trustee or the bankruptcy judge approves new credit. | One year current on required payments to be considered. |