Duration of Credit Recovery
How long before I can obtain a mortgage after bankruptcy, short sale, or foreclosure

The 2011 FHA waiting guidelines
Bankruptcy – You can apply for a FHA insured loan after your bankruptcy has been discharged for 2 years with a Chapter 7 Bankruptcy and you can apply for a FHA insured loan after your bankruptcy has been discharged for 1 year with a Chapter 13 Bankruptcy
Foreclosure - You can apply for a FHA insured loan 3 years after the sale.
Short Sale or Notice of Default – You can apply for a FHA insured loan 3 years after the sale date of your foreclosure. FHA looks at a short sale the same as a Foreclosure.

2011 Conventional Mortgage Waiting Guidelines – Fannie Mae
Bankruptcy – You can apply for a Conventional Fannie Mae loan after your bankruptcy has been discharged for 4 years.
Foreclosure - You can apply for a Conventional, Fannie Mae loan 7 years after the sale date of your foreclosure.
Short Sale / Deed in Lieu of Foreclosure - 2 Years up to Maximum 80% Loan to Value with a 20% Down Payment
4 Years up to Maximum 90% Loan to Value with a 10% Down Payment, Subject to PMI underwriting guidelines.
7 Years above 90% Loan to Value with a less than 10% Down Payment, Subject to PMI

Information provided by:

 Vernon Appenzeller
Capital City Mortgage Investments, Inc
(404)358-2365
TF (888) 467-8708
GA mortgage LENDER licensee #7064
NMLS #164510