Find out how you can qualify for a mortgage and buy a house after you have had a Short Sale, Foreclosure or Bankruptcy (Chapter 7 and Chapter 13). The slides talk about Conventional (Conforming) and FHA loans eligibility criteria after Short Sale, Foreclosure and Bankruptcy.

1. Buying a Home after Short-
sale, Foreclosure or Bankruptcy
Shashank Shekhar
CEO, Arcus Lending

2. About Arcus Lending
• Arcus Lending is Mortgage Lender based in
San Jose, California
• Products Offered: Residential Mortgages-
FHA, Conventional, VA, 203K, HARP, HomePat
h
• Geography Served: California, Washington and
Oregon
• What are they known for: Legendary customer
service, quick closing and rates that are
consistently better than the leading banks

3. Ab About Shashank Shekhar
• Shashank is the Founder and CEO of Arcus
Lending
• An Amazon.com Best-selling Author, Shashank
is widely regarded as California’s #1 Mortgage
Expert
• He is a National speaker, and a blogger who is
frequently tapped for his expertise by various
national and local media including
FOX, CBS, ABC and NBC

4. Agenda
• Mortgage Qualification After a short-sale
• Mortgage Qualification After Foreclosure
• Mortgage Qualification After Bankruptcy

5. Mortgage Qualification After a Short-sale
• Qualifying for Conventional mortgage after Short-sale:
– For conventional mortgage backed by Fannie Mae the following waiting period
requirements apply
• Two years for transactions with a maximum Loan-to-value ratio (LTV) of
80%.
• Four-year for transactions with a maximum LTV of 90%
• Seven years for transactions with an LTV > 90%
• For loans backed by Freddie Mac , a regular LTV loan is possible after 4
years
• Qualifying for FHA Loan after Short-sale:
– To qualify for an FHA loan after short-sale the waiting period is
3 years
– Some exceptions may apply if you were not late on any mortgage or
installment debt 12 months prior to the short-sale debt
– Caveat to three year wait period: No bankruptcy or foreclosure prior to the
short-sale

6. Mortgage Qualification After Foreclosure
• Qualifying for Conventional mortgage after Foreclosure:
– Waiting Period: 7 years measured from the completion date of the
foreclosure action as reported on the credit report or other
foreclosure documents provided by the borrower.
• Qualifying for FHA Loan after Foreclosure:
– Waiting Period: 3 years after the foreclosure
– If the loan secured by the foreclosed property was not an FHA
loan, the foreclosure time frame is measured from the foreclosure
completion date.
– If the loan secured by the foreclosed property was an FHA loan, the
three year time frame is measured from the date FHA paid the
insurance claim.

7. Mortgage Qualification After Bankruptcy
• Qualifying for Conventional mortgage after Bankruptcy:
– For Chapter 7 bankruptcy, waiting period is 4 years before which you
can qualify for a conventional mortgage.
– For Chapter 13 bankruptcy, 24 months must elapse from the discharge
date or 48 months from the dismissal date.
• Qualifying for FHA Loan after Bankruptcy:
– Wait period for an FHA loan after Chapter 7 bankruptcy is two years.
– To qualify for an FHA loan after Chapter 13 bankruptcy, following
guidelines apply:
• Document at least one year into the payout plan has elapsed
• Document all required payments have been made on time
• If borrower is still in repayment, obtain court permission to enter into
the new mortgage

8. Questions
• Call (408) 615 0655
• Email: Info@ArcusLending.com
• Website: www.ArcusLending.com
• Blog: www.LendingExpertBlog.com
Shashank Shekhar NMLS 8176