Future Loan Options

Important Guidelines you Should Know: How Soon Can Your Client Get a New loan After Getting Into Financial Trouble

1. Notes on BKs and Foreclosures:

FHA
Bankruptcy - Chapter 13 - No seasoning
Bankruptcy - Chapter 7 - 2 years seasoning
Foreclosures and Short sales - 3 years seasoning

Conventional
Bankruptcy - 4 years seasoning
Foreclosure - 5 years
Deed- in- lieu of foreclosure - 4 years
Short sales - 2 years seasoning

Conventional loans with Mortgage Insurance

Radian:
BK -4 yrs seasoning
Foreclosure- 5 years (Agency Jumbo NOT ELIGIBLE)
Short Sale - 5 years (Agency Jumbo NOT ELIGIBLE)

MGIC:
BK - 4 years seasoning
Foreclosure - 4 years seasoning
Short sale - 4 years seasoning

PMI:
BK - 4 years seasoning
Foreclosure - NOT ELIGIBLE
Short Sale - 4 years on exception

Genworth:
BK - 4 years seasoning
Foreclosure - 5 years seasoning
Short sale - 2 years seasoning

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