What Happens to my Credit Score if…?

Credit Underwriting Guidelines for Derogatory Credit EventsBankruptcy Chapter 7 or 11: Fannie Mae: 4 years from Discharge FHA: 2 years from DischargeBankruptcy Chapter 13: Fannie Mae: 2 years from discharge/ FHA: 1 year minimum of payout elapsed 4 years from dismissalMultiple Bankruptcies: Fannie Mae: 5 years, if more than 1 FHA: N/A filing in past 7 yearsForeclosure Fannie Mae: 7 years from sheriff’s deed FHA: 3 years from sheriff’s deedShort Sale Fannie Mae: 2 years 80% Max LTV FHA: 3 years for Deed in LieuDeed in lieu of Foreclosure 4 years 90% Max LTV Short Sale: eligible if mortgage and all install- 7 years LTV greater than 90% ment debt made on time for 12 months preceding the short sale.
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