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When Are People with Foreclosures and Short Sales Eligible to Borrow Again?

For people with foreclosures or short sales on their record, the waiting period depends on if there are "Extenuating Circumstances" EC ( death in family, company relocation/shut down - about 5/10% of cases) or if the foreclosure or short sale was due to "Financial Mismanagement" FM (the majority of cases).

Jumbo loans, Foreclosure: 7 years (FM and EC)

Jumbo loans, Short Sale: 7 years FM, only 4 years EC

Fannie/Freddie, Foreclosure: 7 years FM, 3 years EC

Fannie/Freddie, Short Sale: 4 years FM, 2 years EC

FHA Foreclosure/Short Sale: 3 years (FM and EC)

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