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UNDERSTANDING CREDIT

CREDIT CHALLENGES

Challenges with credit and finances might impact the qualifications of a loan product. We have the basic timelines and waiting periods listed below. This should be used only as a general guide.

Details

Conventional

FHA

USDA

VA

Jumbo

Chapter 7

4 YEARS
FINANCIAL
MISMANAGEMENT

2 YEARS
FROM DISCHARGE OR DISMISSAL

2 YEARS
FROM DISCHARGE
OR DISMISSAL

3 YEARS

4+ YEARS

Chapter 13

2 YEARS
FROM DISCHARGE
4 YEARS
FROM DISMISSAL

1+ YEARS

1+ YEARS

1+ YEARS

4+ YEARS

Short Sale or Foreclosure

4 YEARS
EXTENUATING CIRCUMSTANCES
7 YEARS
FINANCIAL MISMANAGEMENT

3 YEARS

2 YEARS

3 YEARS

4 YEARS
7 YEARS
FORECLOSURE

Modified or Restructured Loans

1 YEAR

1 YEAR

1 YEAR

1+ YEARS
3 YEARS
RESTRUCTURED

4 YEARS

ADDITIONAL DETAILS

In certain cases, extenuating circumstances can change the waiting period. Each situation will have to be reviewed in detail, to determine extenuating circumstance eligibility.

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© Copyright 2021 Root Mortgage is a division of Root Executives, LLC NMLS 1830982 Oregon License # ML-5796 Washington License # CL-1830982. All information contained herein is for informational purposes only and, while every effort has been made to ensure accuracy, no guarantee is expressed or implied. Any programs shown do not demonstrate all options or pricing structures. Rates, terms, programs and underwriting policies subject to change without notice. This is not an offer to extend credit or a commitment to lend. All loans subject to underwriting approval. Some products may not be available in all states and restrictions apply. Equal Housing Opportunity.

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