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Bankruptcy Seasoning Requirements; 0, 2 & 4 Years

We are revisiting Bankruptcy (BK) seasoning requirements b/c we are asked so often:

For Chapter 7 (liquidation) BKs the seasoning is 2 years from discharge for FHA financing and 4 years from discharge for Conventional Financing.

For Chapter 13 (reorganization) BKs, the seasoning is 4 years from discharge for Conventional Financing.

But for FHA financing, borrowers need NO seasoning after a Chapter 13 as long as there is a 1-year payment history into the BK (to the BK Trustee) and the BK approves the BK exit and home purchase. Borrowers can jump out of Chapter 13 and into a mortgage.

Jay Voorhees
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 01524255, NMLS# 335646