One of the questions I am asked quite often is, “if I short sale my home, how long will we have to wait before we are able to buy?” 

This information came to me from a local lender-partner and I thought it worthy of sharing:

The following are timelines of how long it will take before you are eligible to buy a house, depending on what you are purchasing and the type of financing you use.

Federal Housing Administration Financing (FHA)

·       Short Sale is 3 years (a Short Sale with no late payments has no waiting period for eligibility)

·       Deed-in-Lieu of Foreclosure is 3 years

·       Foreclosure is 3 years

·       Bankruptcy is 2 years

Conventional Conforming Financing (FNMA/FHLMC)

·       Short Sale is 2 years*

·       Deed-in-Lieu of Foreclosure is 4 years*

·       Foreclosure is 7 years

·       Bankruptcy is 4 years

Veterans Administration (VA)

·       Short Sale is 2 years

·       Deed-in-Lieu of Foreclosure is 2 years

·       Foreclosure is 2 years

·       Bankruptcy is 2 years

Conventional Non-Conforming (Jumbo Loans)

·       Short sale is 7 years

·       Deed-in-Lieu of Foreclosure is 7 years

·       Foreclosure is 7 years

·       Bankruptcy is 7 years

* Certain guidelines apply.  Information is based on today's lending standards.