Credit Event

Waiting Period

4 years

Bankruptcy Chapter 7 or 11

2 years

Bankruptcy Chapter 13

4 years

Short Sale /
Deed in Lieu of Foreclosure

Credit Event

Waiting Period
End Date

2 years

Discharge or Dismissal
Discharge Date

Credit Report

2 years

Dismissal Date

Credit Report

2 years

Credit Report

3 years (FNMA)

Credit Report

7 years

Most recent discharge or

dismissal date

Update: If debt was discharged via

bankruptcy, waiting periods listed
above for bankruptcy apply.

3 years - Max LTV 90%*;

Purch - principal residence only*;
Refi - any property type*
2 years if debt discharged via bankruptcy

Completion date

Disbursement

4 years

2 years

Completion date or
execution date

Disbursement

Waiting Period

Waiting Period with

Extenuating Circumstances

Waiting Period
Start Date

Waiting Period
End Date

4 years

Bankruptcy other than Chp 13

2 years

Bankruptcy Chapter 13

4 years

Multiple Bankruptcies
in past 7 years
Foreclosure
Short Sale /
Deed in Lieu of Foreclosure

Waiting Period
Start Date

5 years

Multiple Bankruptcies
in past 7 years
Foreclosure

Waiting Period with

Extenuating Circumstances

2 years

Discharge or Dismissal
Discharge Date

Application

2 years

Dismissal Date

Application

Most recent discharge or

dismissal date

Application

Completion date

Application

Completion date
(short sale)
Execution date
(deed-in-lieu)

Application

2 years

5 years

3 years

7 years

3 years - Max LTV 90%*;

Purch - principal residence only*;
Refi - any property type*

4 years

If short sale or deed-in-lieu in past

7 years then: Max LTV 90%*;
Purch - principal residence only*;
Refi - any property type

John Yeager
Branch Manager - NMLS# 219612

Office: (760) 749-8931

Cell: (858) 536-8913
jyeager@summit-mortgage.com
www.summit-mortgage.com

2 years - Max LTV 90%*;

Purch - principal residence only*;

Refi - any property type*

Application

Credit Event
Bankruptcy Chapter 7 or 11
Bankruptcy Chapter 13
Deed in Lieu of Foreclosure

Waiting Period

2 years

has elapsed - All payments made on

time - Written permission from BK
court to enter into mortgage transaction.

3 years

3 yrs if in default at time of short sale;

no waiting period if all credit was current at time of short sale.

Foreclosure

3 years

Bankruptcy Chapter 7 or 11

Bankruptcy Chapter 13
Deed in Lieu of Foreclosure
Short Sale
Foreclosure

Credit Event
Bankruptcy Chapter 7 or 11
Bankruptcy Chapter 13
Deed in Lieu of Foreclosure
Short Sale

Foreclosure

1-2 years

Waiting Period
Start Date

Discharge or Dismissal

Waiting Period End Date

N/A

Discharge Date

Closing Date

< 3 years U/W exception is req.

Ownership transfer date

Application

< 3 years U/W exception is req.

Date of Sale

Application

< 3 years U/W exception is req.

The later of
- Ownership transfer date
- Settlement paid claim

Clear to Close

2 years OR - 1 yr of BK payout period

Short Sale

Credit Event

Waiting Period with

Extenuating Circumstances

Waiting Period with

Extenuating Circumstances

Waiting Period

All payments complete OR - 1 yr of BK

payout period has elapsed - All payments

made on time - Written permission from
BK court to enter into mortgage transaction.

2 years. Ensure the COE reflects

sufficient entitlement.

1 year w/reestablished credit. Ensure the

COE reflects sufficient entitlement.
2 years. Ensure the COE reflects
sufficient entitlement.

Waiting Period
Start Date

Waiting Period
End Date

Discharge Date

Closing Date

N/A

Discharge Date

Closing Date

1 year

Completion date

Closing Date

1 year

Completion date

Closing Date

1 year

Completion date

Closing Date

1-2 years if: Satisfactory credit

has been reestablished and the
BK was caused by extenuating
circumstances.

2 years

Closing Date

N/A

Waiting Period
Start Date

Discharge or Dismissal

Waiting Period
End Date

N/A

Discharge Date

Application

3 years - Credit waiver required

1 year if no loss of security

Ownership transfer date

Application

3 years - Credit waiver required

1 year if no loss of security

Ownership transfer date

Application

Waiting Period

3 years

3 years OR - 1 yr of BK payout period

has elapsed - All payments made on time
- Written permission from BK court to
enter into mortgage transaction.

3 years - Credit waiver required

Waiting Period with

Extenuating Circumstances

1 year if no loss of security

Date of sale

Application

Application