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.

https://www.fanniemae.com/content/guide/sel041514.pdf

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.

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here