credit flaws?

Do you have a blemish on your credit report that you think might prevent you from getting a loan? Here are the requirements for how long you must wait before you can be pre-approved for a conventional mortgage.

Borrower may apply for a Conventional Mortgage:


Chapter 13: 2 years from discharge date or
4 years from dismissal date

Chapter 7 & 11: 4 years from either the discharge or
dismissal date

Foreclosure: 5 years from the completion date
for a primary residence with 10% down
payment and a minimum 680 credit score

Deed-in-Lieu of
Foreclosure: 4 years from completion date
for a primary residence or 2nd home with
a minimum of 10% down

Short Sale: 2 years required to re-establish credit
Based on pre-foreclosure action and
if the “short sale” shows on the credit
report as a comment to the reporting of
delinquency and is typically reflected as
“Paid in Full Less than Full Balance” or "Deficient Payoff/Settlement”

Source: COLDWELL BANKER HOME LOANS