I wanted to let you know how the major mortgage programs treat Chapter 7 bankruptcy…
FHA: 2 years from discharge date, but not less than 12 months w/extenuating circumstances.
VA: 2 years from completion date.
USDA: 3 years from discharge date.
Fannie Mae: 4 years from discharge date, or dismissal date.
Freddie Mac: 4 years from discharge date or dismissal date.
With Fannie and Freddie – if you get an automated approval in the underwriting engine with less than 4 years out on a BK, then we can do the loan.
That’s it for today!
Have a great day! Thanks for reading!
Brett
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