Fannie Mae Guidelines after a short-sale, foreclosure, bankruptcy
Short Sale
Deed-In-Lieu of Foreclosure
4 years from completion date
If extenuating circumstances exist:
• DU: 2 years from completion date
• LP: 2 years from completion date on owner occupied purchase or non-cash out refi nance only,
max 90% LTV or max LTV per program
Bankruptcy:
Chapter 7 or 11
4 years from discharge or dismissal date.
If extenuating circumstances exist – 2 years from discharge or dismissal date.
Bankruptcy: Chapter 13
4 years from dismissal date (borrower did not complete the Chapter 13 plan) or 2 years from
discharge date.
If extenuating circumstances exist – 2 years from discharge or dismissal date.
Multiple Bankruptcy Filings
within the last 7 years
5 years from the most recent discharge date or dismissal date.
If extenuating circumstances exist – 3 years from discharge or dismissal date.
Foreclosure
7 years from completion date of foreclosure action as reported on the credit report or other
foreclosure documents*
If extenuating circumstances exist: 3 years from the completion date of foreclosure action as
reported on the credit report or other foreclosure documents*
• Purchase-90% or program limit, owner occupied only
• Refinance – Limited cash-out only, all occupancy types
Joel Lobb
Senior Loan Officer
(NMLS#57916)
phone: (502) 905-3708
Fax: (502) 327-9119
Company ID #1364 | MB73346
Fill out my form!
