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2015 FHA Guidelines Bankruptcy – If you had a prior Chapter 7 bankruptcy, you can qualify for a FHA insured mortgage loan after a two year waiting period after your bankruptcy discharge date as long as you have not had any late payments after your bankruptcy discharge and have re- established credit.  For those who had a Chapter 13 Bankruptcy, you can qualify for a FHA insured mortgage loan one year into the Chapter 13 Bankruptcy re-payment plan with the Chapter 13 Bankruptcy Trustee approval. Foreclosure – If you had a prior foreclosure, you can qualify for a FHA insured mortgage loan after a three year waiting period from the recorded date of the foreclosure that is reflected on the county records. Short Sale / Deed in Lieu – FHA will treat a deed in lieu of foreclosure the same as a standard foreclosure so the three year waiting period after a deed in lieu of foreclosure will apply from the recorded date of the deed of your property that is reflected on the recorder of deeds office. Minimum credit scores required to qualify for FHA Loan:   Minimum down payment required for a FHA Loan is 3.5% down payment.  To qualify for a 3.5% down payment, you need a credit score of 580 FICO.  If you have a credit score under 580 FICO, you may qualify for  5% or even 10% down payment for a 530 FICO score.   The lowest credit score you can have to qualify for a FHA insured 203k mortgage loan is 500 FICO. Sheriff’s Sale:  There is a three year waiting period after the date of the sheriff’s sale of your property to qualify for a FHA Loan. 2015 VA  Mortgage Lending Guidelines Bankruptcy Ch 7 – There is a mandatory two year waiting period to qualify for a VA Loan after the discharge date of a Chapter 7 Bankruptcy as long as you have no late payments after the discharge date of the Chapter 7 Bankruptcy and have re-established credit. Bankruptcy Ch 13 – If you are in a Chapter 13 re-payment plan, you can qualify for a VA Loan one year into the Chapter 13 Bankruptcy as long as you have been timely on your payments for the past 12 months and have the approval of the Chapter 13 Bankruptcy Trustee.  If you have just got your Chapter 13 Bankruptcy discharged, there is no waiting period after a Chapter 13 Bankruptcy discharge date. Foreclosure – If you have had a foreclosure, there is a mandatory two year waiting period from the recorded date of the foreclosure to qualify for a VA Loan. Short Sale / Deed in Lieu – You can qualify for a VA Loan after a two year waiting period after a deed in lieu of foreclosure and/or short sale. 2015 USDA Mortgage Lending Guidelines Bankruptcy – If you had a Chapter 7 Bankruptcy, you can qualify for a USDA Loan after a three year waiting period from the date of your discharge date of your Chapter 7 Bankruptcy. Foreclosure – The waiting period to qualify for a USDA Loan after a foreclosure is three years from the recorded date of the foreclosure. Short Sale / Deed in Lieu of Foreclosure – There is a three year waiting period to qualify for a USDA Loan after a short sale and/or deed in lieu of foreclosure if your credit scores are lower than 640 FICO.  You might be able to qualify for a USDA Loan if your credit scores are 640 FICO or higher if your credit scores are over 640 FICO. 2015 Conventional Mortgage Lending Guidelines Bankruptcy – There is a mandatory four year waiting period after Chapter 7 bankruptcy to qualify for a conventional loan under Fannie Mae mortgage lending guidelines.  There is a two year mandatory waiting period to qualify for a conventional loan after a Chapter 13 Bankruptcy discharge to qualify for a conventional mortgage loan. Foreclosure – If you had a prior foreclosure, there is a mandatory 7 year waiting period to qualify for a conventional mortgage loan. Short Sale / Deed in Lieu of Foreclosure –  FANNIE MAE has updated the conventional mortgage lending guidelines on July 29, 2014 where if you had a mortgage as part of your bankruptcy, the recorded date of the foreclosure is waived and the waiting period starts from the date of the discharge date of the bankruptcy. NEW FANNIE MAE GUIDELINES AS OF AUGUST 16, 2014:  Effective as of August 16, 2014, New Fannie Mae Guidelines state that there is a four year waiting period after a deed in lieu of foreclosure or short sale to qualify for a conventional loan with 5% down payment.  The 2 year waiting period after a short sale or deed in lieu of foreclosure with 20% down payment is no longer in effect. 2015 Jumbo Mortgage Lending Guidelines Bankruptcy – If you have a prior bankruptcy and want to get a Jumbo Mortgage Loan, you need to have a mandatory four year waiting period to qualify for a Jumbo Mortgage.  There is a mandatory five year waiting period after bankruptcy to qualify for a Jumbo Mortgage with you have multiple bankruptcies on your credit profile. Foreclosure – Mandatory waiting period after a foreclosure to qualify for a Jumbo Mortgage Loan after the recorded date of a foreclosure is 7 years from the recorded date of the foreclosure. Short Sale / Deed in Lieu of Foreclosure – There is a mandatory four year waiting period to qualify for a Jumbo Mortgage after a deed in lieu of foreclosure and/or short sale. Credit and down payment for Jumbo Mortgage:  Jumbo mortgages are higher risk loans so mortgage lenders want higher credit standards.  Most Jumbo Mortgage Lenders want a minimum of a 700 FICO credit score.  We There are some Jumbo Mortgage lenders like myself who can take on a Jumbo Mortgage loan applicant with a credit score of 660 FICO.  Most Jumbo Mortgage lenders require a 20% down payment.  However, we offer special Jumbo Mortgage programs which only require 10% down payment but the mortgage applicant needs a 700 FICO credit score
Waiting Period After Bankruptcy and Foreclosure
1st Florida Lending Direct Mortgage Lenders 1st Florida Lending Corp., a registered Mortgage Lender Orlando servicing all of Florida offering over 45 loans programs including Conventional, Jumbo, FHA, VA, USDA to name a few and specializing in Bank Statement Loans or “stated loans” requiring no Tax Return verification.                               Disclaimer:  When Banks Say NO! We Say YES! tm   If you are turned down by another lender.  We will work hard to approve your loan.  No guarantee of any kind is expressed or implied!   Main Office: 2151 Consulate Dr. * Suite 8 *  Orlando, FL., 32837  * Telephone (800) 655-1345 * (407) 300-2558 * Fax (877) 401-9955 We are approved lenders for all Government Loans and registered with the Florida Office of Financial Regulation - # MLD106 © 2007 - 2015 FFL Corp - All rights reserved  I                             I                             I    When Banks Say No !  We Say YES !  ®  is a registered trademark
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