Premiere Mortgage Services Inc. - Dana Bain

Handy reference on waiting periods after derogatory credit Dana Bain Premiere Mortgage Services Inc

August 15th, 2014 7:44 PM by Dana Bain

Waiting Periods for Major Derog Types

Bankruptcy (Chapter 7)

FNMA Conforming and Hi Balance

4 years

FHLMC Conforming and Super Conforming

4 years

Non-Agency Jumbo Edge up to $2m

5 years

Non-Agency Jumbo Classic up to $2m

Not eligible

FHA < $625,500

2 years

VA < $700,000

2 years

Foreclosure

FNMA Conforming and Hi Balance

7 years

FHLMC Conforming and Super Conforming

7 years

Non-Agency Jumbo Edge up to $2m

7 years

Non-Agency Jumbo Classic up to $2m

Not eligible

FHA < $625,500

3 years

VA < $700,000

2 years

Pre-Foreclosure / Short Sale

FNMA Conforming and Hi Balance

4 years * - DU approved

FHLMC Conforming and Super Conforming

4 years** - LP approved

Non-Agency Jumbo Edge

5 years

Non-Agency Jumbo Classic

Not eligible

FHA <$625,500

2 years (if current on mortgage and all installment loans at time of short sale); 3 years

VA < $700,000

2 years

Posted in:General
Posted by Dana Bain on August 15th, 2014 7:44 PM

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