For those looking for a short-term injection of cash, for those 55 and over looking for extra income and who are planning on living in their homes for many years and are less concerned about leaving a legacy, it could be an avenue worth exploring. Other options include a line of credit or downsizing.
2017 FHA Guidelines. 1  Bankruptcy â You may apply for a FHA insured loan after your bankruptcy has been discharged for TWO (2) years with a Chapter 7 Bankruptcy. 2  Foreclosure â You may apply for a FHA insured loan THREE (3) years after the sale/deed transfer date. Short Sale / Deed in Lieu â You may apply for a FHA insured loan THREE (3) years after the sale/deed transfer date. FHA treats short sale, deed in lieu and foreclosure as the same waiting periods.
For FHA and VA the waiting period is 2 years after discharge of Chapter 7,for Fannie (including Homepath)the waiting period is 4 years. If You are in a Chapter 13 you may be eligible after 1 year with 12 months satisfactory payments to the trustee under FHA and VA guidelines.hapter 7: The minimum waiting period for an FHA insured mortgage is 2 years since the discharge date of the Chapter 7 bankruptcy as long as you have reestablished your credit and have not taken on new credit obligations.