Waiting Periods to Buy a Home After Foreclosure, Deed-in-Lieu, Short Sale and Bankruptcy
Getting a Mortgage Loan After Foreclosure, Deed-in-Lieu, Short Sale and Bankruptcy

Many financially distressed homeowners who are facing foreclosure and considering a deed-in-lieu of foreclosure, short sale or even bankruptcy have asked me how long they will need to wait to buy a home after foreclosure, short sale or bankruptcy. Since the answers are found in multiple places, I decided to compile a complete list and cross reference them for accuracy. In order to accomplish that task and compile the Waiting Periods to Buy a Home After Foreclosure, Deed-in-Lieu, Short Sale and Bankruptcy below, I utilized the following sources:

HUD 4155.1 Mortgage Credit Analysis for Mortgage Insurance
VA CREDIT ISSUES: Credit Problems and VA Loans
Fannie Mae DU User's Guide for VA Loans 5-2008
Fannie Mae Selling Guide 1-27-2011
Freddie Mac Underwriting Reminders for Loan Prospector: Caution Risk Class Mortgages
Effects of a Loan Modification, Short Sale, Foreclosure, Bankruptcy and Walking Away/Doing Nothing on Credit Scores
Waiting Periods on Bankruptcy, Foreclosure and Short Sales
Buying A Home After Foreclosure or Short Sale | Wait Time To Buy Again After Short Sale
Waiting Periods to Buy a Home After Foreclosure, Deed-in-Lieu, Short Sale and Bankruptcy

Federal Housing Administration (FHA) Insured Loan

Foreclosure - 3 years (can be reduced if there are "extenuating circumstances").
Deed-in Lieu - 3 years (can be reduced if there are "extenuating circumstances").
Short Sale - 3 years (can be reduced if there are "extenuating circumstances").
Bankruptcy (Chapter 7) - 2 years from bankruptcy discharge (can be as low as 1 year if there are "extenuating circumstances").
Bankruptcy (Chapter 13) - 2 years from bankruptcy discharge for automatic approval, but can be as low as 1 year after first bankruptcy payments made if all payments were made on time as agreed and the bankruptcy trustee approves the borrower's new mortgage loan.
Veterans Administration (VA) Guaranteed Loan

Foreclosure - 2 years.
Deed-in Lieu - 2 years.
Short Sale - 2 years.
Bankruptcy (Chapter 7 or 11) - 2 years from bankruptcy discharge (can be reduced to 1 year if there are "extenuating circumstances" and credit has been re-established).
Bankruptcy (Chapter 13) - 2 years from bankruptcy discharge for automatic approval, but can be as low as 1 year after first bankruptcy payments made if the borrower made all payments on time as agreed and receives permission from the bankruptcy court.
Conventional Conforming Mortgage Loan (meets Fannie Mae (FNMA) and Freddie Mac (FHLMC) Loan Purchasing Guidelines)

Foreclosure - 7 years for full eligibility with Fannie Mae and Freddie Mac. If there are "extenuating circumstances" the waiting period with Fannie Mae can be reduced to 3 years with partial eligibility for loan-to-value (LTV) of up to 90%. The "extenuating circumstances" the waiting period with Freddie Mac is 3 years.
Deed-in Lieu - 7 years for full eligibility with Fannie Mae and 4 years for Freddie Mac. Partial eligibility with Fannie Mae is available after 4 years for up to 90% LTV and 2 years for up to 80% LTV. If there are "extenuating circumstances" the waiting period with Fannie Mae can be reduced to 2 years with partial eligibility for loan-to-value (LTV) of up to 90%. The "extenuating circumstances" the waiting period with Freddie Mac is 2 years.
Short Sale - 7 years for full eligibility with Fannie Mae and 4 years for Freddie Mac. Partial eligibility with Fannie Mae is available after 4 years for up to 90% LTV and 2 years for up to 80% LTV. If there are "extenuating circumstances" the waiting period with Fannie Mae can be reduced to 2 years with partial eligibility for loan-to-value (LTV) of up to 90%. The "extenuating circumstances" the waiting period with Freddie Mac is 2 years.
Bankruptcy (Chapter 7 or 11) - 4 years from bankruptcy discharge or dismissal with Fannie Mae (can be as low as 2 years if there are "extenuating circumstances"). 4 years from bankruptcy discharge or dismissal with Freddie Mac (can be as low as 2 years if there are "extenuating circumstances").
Bankruptcy (Chapter 13) - 2 years from bankruptcy discharge (4 years from bankruptcy dismissal) for automatic approval with Fannie Mae or Freddie Mac. Can be reduced to 2 years with Freddie Mac if there are "extenuating circumstances".
Conventional Non-Conforming (JUMBO loans which exceed the maximum loan amount which will be purchased by Fannie Mae or Freddie Mac)

Foreclosure - 7 years.
Deed-in-Lieu - 7 years.
Short Sale - 7 years.
Bankruptcy - 7 years.