| Derogatory Credit Events Waiting Period Requirements |
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| Program | Bankruptcy - Chapter 7 or 11 | Bankruptcy Chapter 13 | Pre-foreclosure/Short Sale/Deed in Lieu | Foreclosure |
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| Conventional | Waiting period:
4 years from discharge or dismissal | Waiting period:
2 years for discharg/4 years for dismissal | Waiting period:
4 years from date of completion | Waiting period:
7 years from the date of completion |
| FHA | Waiting period:
2 years | Waiting Period:
2 year or 1 year with 12 months of on-time payment and with BK court permission | Waiting period:
3 years if in default at the time of sale | Waiting period:
3 years from completion date |
| VA | Waiting period: 2 years from discharge date | Waiting period: 1 year of on-time payments | Waiting Period: 2 years | Waiting period: 2 years from completion |
| USDA | Waiting period 3 years from discharge or dismissal | Waiting period: 1 year from discharge or dismissal | Waiting period: 3 years from completion date | Waiting Period: 3 years from completion date |
| Jumbo | Waiting period: 7 years | Waiting period: 7 years | Waiting period: 7 years | Waiting period: 7 years |
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| Exceptions for extenuating circumstances must be documented and are measured from discharge and dismissal dates. Letters of explanation are required on all derogatory credit, Bankruptcy, Foreclosure, CCC, Deed in Lieu, and Public Records. Stepping Stone Mortgage can answer questions about derogatory credit and waiting periods. Give us a call: (541) 683-3300. |
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