Derogatory Event

Waiting Period Requirements

Waiting Period with Extenuating Circumstances

Bankruptcy — Chapter 7 or 11

4 years

2 years

Bankruptcy — Chapter 13

  • 2 years from discharge date
  • 4 years from dismissal date
  • 2 years from discharge date
  • 2 years from dismissal date

Multiple Bankruptcy Filings

5 years if more than one filing within the past 7 years

3 years from the most recent discharge or dismissal date

Foreclosure1

7 years

3 years

Additional requirements after 3 years up to 7 years:

  • 90% maximum LTV ratios2
  • Purchase, principal residence
  • Limited cash-out refinance, all occupancy types

Deed-in-Lieu of Foreclosure, Preforeclosure Sale, or Charge-Off of Mortgage Account

4 years

2 years