Advice for loans after bankruptcy and foreclosure

10 Replies

I have gone thru a recent bankruptcy and a foreclosure 2 years ago, what options do I have in getting into small duplex rental investments and working my way up to larger multi- family in the future?

Derogatory Event Waiting Period Requirements Waiting Period with extenuating circumstances
BK Chapter 7 or 11 4 years 2 years
BK Chapter 13 2 years from discharge 4 years from dismissal date 2 years from discharge and 2 from dismissal
Multiple BK Filings 5 yrs if more than one filing within the past 7 years 3 yrs from most recent discharge or dismissal
Foreclosure 7 years 3 years and 90% max ltv, must be principle residence purchase
Short sale 2 years and 80% max ltv 2 years and 90% max ltv

Holy crap, that formatted crazy.

BK can be anywhere from 2-4 years, foreclosure can be 2-7 years, and short sale can be 2 years. PM me with your email and i'll send you the correctly formatted table, sorry all.

@Jesse Gonzalez sorry but the forum software doesn't support tables. Do you have a link to a neutral (non advertising) site with those rules?

@Jon Holdman yes I do, and here it is.

That goes to fannie mae, the page is 487 that has the table

Thank you. No choice but to practice for a couple years I guess?

I really appreciate your response. Thanks again.

@Bill Schrimpf Sure they can, if they aren't selling to fannie and aren't underwriting to those criteria.