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-Lieu | Foreclosure | Chapter 7 Bankruptcy | Chapter 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-Lieu | Foreclosure | Chapter 7 Bankruptcy | Chapter 13 Bankruptcy | ||||||
4 Years | 7 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-Lieu | Foreclosure | Chapter 7 Bankruptcy | Chapter 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-Lieu | Foreclosure | Chapter 7 Bankruptcy | Chapter 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-Lieu | Foreclosure | Chapter 7 Bankruptcy | Chapter 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!