Experiencing a damaging credit event like a foreclosure, short sale or bankruptcy does not mean that you will never be eligible for a mortgage again.  In some case, a waiting period is only 1 year. Take a look at the following  to see typical waiting periods before you can be approved for a mortgage.  You can start writing a purchase offer 30-45 days before the waiting period ends.

  1. Foreclosure
    Conventional   7 year
    FHA                   3 years
    VA                      2 years
  2. Short Sale / Deed in Lieu of Foreclosure
    Conventional   4 year
    FHA                   3 years
    VA                      1 year
  3. Chapter 7 &11 Bankruptcy
    Conventional   4 year
    FHA                   2 years
    VA                      2 years
  4. Chapter 13 Bankruptcy
    Conventional   2 years from discharge date, 4 years form dismissal date
    FHA                   1 year payout has elapsed and payment performance is satisfactory
    VA                      1 year payout has elapsed and payment performance is satisfactory and discharge prior to closing