Waiting periods after a bankruptcy and/or foreclosure

There are many different loan programs offered and each has their own unique waiting period requirements. Today I will focus on three of the most popular loan products VA, FHA, and Conventional loans. The waiting periods before the borrower is able to once again qualify are as follows:

VA loans: Require two years after bankruptcy discharge and 2 years after foreclosure completion. There may be some exceptions to these waiting periods in the case of an extenuating circumstance out of the Veterans control(case by case basis)

FHA Loans: Require two years after a bankruptcy discharge and three years after a foreclosure completion. Just as in the case of VA loans, there may be some exceptions available due to extenuating circumstances that can be reviewed on a case by case basis.

Conventional loans: Require 4 years after bankruptcy discharge and 7 years after foreclosure completion. Fannie Mae and Freddie Mac are not as flexible as FHA and VA but exceptions are granted from time to time.