Getting approved for a new mortgage after bankruptcy can happen in as little as one year. The waiting period for foreclosure depends on the program.

Finding a mortgage loan after foreclosure. steve mclinden @bankrate .. has said the waiting period is a minimum of three years before you can get a mortgage loan again following a foreclosure.

CoreLogic says mortgage delinquencies in January were the. Serious delinquencies, defined as loans 90 days or more past due or in foreclosure dropped from 2.1 percent to 1.4 percent year-over-year.

For a conventional loan, the typical waiting period after a foreclosure is seven years. However, conventional lenders may be able to apply special provisions when the mortgage debt on a foreclosed property was discharged through bankruptcy. In that case, a borrower can be approved for a conventional loan two years after foreclosure.

If there was not a property involved , it is only 2 years. The problem with some of the foreclosures is the banks can hold onto them for years. We had one customer that wanted to buy a home 10 YEARS after their foreclosure and the bank hadn’t sold the property. It’s unfortunate, but that is reality.

A combination of the two above options is the FHA Back to Work – Extenuating Circumstances mortgage loan program that offers a loan one year after foreclosure. To qualify, applicants must show that they had at least a 20 percent reduction in income that lead to the foreclosure, says Michelle Black, a credit expert at , a credit education and restoration program in Charlotte, N.C.

In order to qualify for a conventional mortgage after going through a foreclosure, you must first complete the required waiting period. The standard waiting period for conventional loans is seven years.

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If you have gone through a foreclosure, you might qualify for a new fha mortgage loan after waiting three years. After a Chapter 7 bankruptcy, the waiting period is generally two years.

The governor said his plan will require approval by the Legislature before it adjourns for the year next month. affected by the mortgage crisis. Those companies then made a separate payment to.