Now if you’ve had a foreclosure in the past, the amount of time that you have to wait is dependent on the type of loan that you’re applying for. If you’re trying to get a conventional loan then the typical waiting period is going to be seven years from the date that the foreclosure action is reported on your credit report, however with that said there are a couple of exceptions to this.
If you underwent a foreclosure due to extenuating circumstances, such as something like a natural disaster, then the bank you’re working might only require you to wait three years.
Now if you’ve gone through a short sale, the most common time period that you’ll have to wait before getting a conventional home loan is going to be four years from the time of the short sale.
Finally, if you’ve declared bankruptcy in the past, then you’ll also have to wait a certain period of time before you can qualify for a conventional loan again. If you’ve declared a chapter 7 or chapter 11 bankruptcy then you’ll have to wait at least four years from the bankruptcy discharge date to get a conventional home loan.
If you’ve declared a chapter 13 bankruptcy then you would have to wait at least two years from the discharge date or four years from the dismissal date.