Updated Fannie Mae waiting periods post short sale or foreclosure

This past summer when Fannie Mae changed their guidelines, what they thought they were doing was helping consumers be able to get back into home ownership with less money down, unfortunately with those changes the timeline before purchase was extended. Here is a look at the most recent waiting periods.

Summary — All Waiting Period Requirements

The following table summarizes the waiting period requirements for all significant derogatory credit events.

Derogatory Event Waiting Period Requirements Waiting Period with Extenuating Circumstances
Bankruptcy — Chapter 7 or 11 4 years 2 years
Bankruptcy — Chapter 13
  • 2 years from discharge date
  • 4 years from dismissal date
  • 2 years from discharge date
  • 2 years from dismissal date
Multiple Bankruptcy Filings 5 years if more than one filing within the past 7 years 3 years from the most recent discharge or dismissal date
Foreclosure1 7 years 3 yearsAdditional requirements after 3 years up to 7 years:

  • 90% maximum LTV ratios2
  • Purchase, principal residence
  • Limited cash-out refinance, all occupancy types
Deed-in-Lieu of Foreclosure, Preforeclosure Sale, or Charge-Off of Mortgage Account 4 years 2 years

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