1 Day Out of Bankruptcy Program vs. Other Programs

Why pay rent for 1, 2, or 3 years, when you can own your own home 1 day out of bankruptcy?

1-Day Out of BK Program
Short Sale/Deed-in-LieuForeclosureChapter 7 BankruptcyChapter 13 Bankruptcy
1 day after
Completion date
1 day after 
Completion date
1 day after discharge
Date with house
Included; 12 months 
Without house included
1 day after
Discharge date;
Buyout with
Trustee permission
FNMA
Short Sale/Deed-in-LieuForeclosureChapter 7 BankruptcyChapter 13 Bankruptcy
4 Years7 years from 
Completion date
4 years from discharge
or
Dismissal date
2 years from
Discharge date; 4
Years from dismissal
date
FHA
Short Sale/Deed-in-LieuForeclosureChapter 7 BankruptcyChapter 13 Bankruptcy
Permitted with
Mortgage history
0x30 For 12 months
prior to Short sale;
3 years if in default
3 years from 
Completion date
2 years from 
discharge 
date
1 year of payout must elapse and
Payment performance must
Be satisfactory; Buyer must receive
Permission from court to enter into
A mortgage
VA
Short Sale/Deed-in-LieuForeclosureChapter 7 BankruptcyChapter 13 Bankruptcy
1 day after 
Completion date
7 years from 
Completion date
2 years from 
discharge 
date
1 year of payout must elapse and
Payment performance must
Be satisfactory; Buyer must receive
Permission from court to enter into
A mortgage
USDA
Short Sale/Deed-in-LieuForeclosureChapter 7 BankruptcyChapter 13 Bankruptcy
3 years from 
Completion date
3 years from 
Completion date
3 years from
Discharge date
1 year of payout must elapse and
Payment performance must
Be satisfactory; Buyer must receive
Permission from court to enter into
A mortgage


When it comes to getting a mortgage, you have more options than you think!

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