When Can I Buy a House after I have had a Foreclosure?

Thanks to Scott Tripp from BB&T for providing this information...

I get calls periodically regarding the waiting period required after bankruptcy, deed-in-lieu of foreclosure, short sale, or foreclosure for a potential home buyer. Below is a general guideline regarding these adverse credits events. Extenuating circumstances are events outside of the person's control. Typically job loss, death of immediate family member, and/or illness. I hope this proves useful.

Foreclosures.
 Foreclosure – 7 Years from completion date
 Foreclosure with Extenuating Circumstances – 3 Years from completion date
 Principal Residence;
Purchases - the lesser of 90% LTV/TLTV/HTLTV or the LTV/TLTV/HTLTV for the
transaction;
 Documentation of the conclusion of the Foreclosure proceedings is required.
Note: The purchase of second homes and investment properties is not permitted until the
seven year waiting period has elapsed.

Deed in Lieu of Foreclosure or Pre-Foreclosure (Short sale).
 Deed in Lieu – 2 to 7 Years from completion date
 2 Years – lesser of 80% LTV/TLTV/HTLTV or LTV for the transaction
 4 Years – lesser of 90% LTV/TLTV/HTLTV or LTV for the transaction
 7 Years – LTV ratios per the BB&T LTV Charts
 Deed in Lieu or Short Sale with Extenuating Circumstances – 2 Years from completion date.
 Documentation of the conclusion of the Deed in Lieu or Short Sale is required.

Bankruptcy.
 Chapter 7 or Chapter 11 Bankruptcy – 4 Years from discharge or dismissal date
 Bankruptcy with Extenuating Circumstances – 2 Years from discharge or dismissal
 Chapter 13 –
2 Years from discharge date. It is recognized that the borrower has met part of the waiting
period when a discharge occurs.
4 Years from dismissal date. A dismissal means the borrower was unable to meet the
bankruptcy requirements and needs a longer waiting period.
 Chapter 13 with Extenuating Circumstances – 2 Years from dismissal
 Multiple Bankruptcy Filings within 7 Years – 5 Years from discharge or dismissal date
 Documentation of the discharge or dismissal must be provided.