Most people I meet a lot of questions about the short term and long-term consequences of filing bankruptcy, short sale of their homes, and to be seized. Many of the bankruptcy clients ask how long they should wait before buying a home again after bankruptcy, short sale and foreclosure, and mistakenly think they are going to have to wait 7 to 10 years to buy another home. I explain that despite the bankruptcy filing will remain 10 years on your credit report, you can still get credit to buy a house.

There are different periods to wait after filing bankruptcy, participation in a short sale, foreclosure or having to obtain a mortgage loan with FHA, VA and conventional financing. We understand that these guidelines are based on current FHA, VA and conventional financing parameters and can be changed. Ask a mortgage lender if these terms have changed. Chapter 7 Bankruptcy: FHA requires 2 years from the date of discharge or dismissal with the exception of extenuating circumstances. VA requires 2 years from the date of dismissal or dismissal. Conventional financing requires 4 years from the date of dismissal or dismissal.

Chapter 13 Bankruptcy: FHA requires one year of Chapter 13 payments have been made on time. VA mandates 1 year of Chapter 13 payments on time. Conventional financing requires 2 years of Chapter 13 or 4 years from the date of dismissal.

Foreclosure: FHA requires 3 years from the date of completion of foreclosure. VA mandates 2 years from the date of completion of foreclosure. Conventional financing requires 7 years from the date of completion of foreclosure.

Short Sale: the mandates of the FHA one year from the date of short sale if there are no delays in payments. If there were delays in payments, FHA mandates of the three years from the date of short sale. VA mandates 2 years from the date of the short sale. Conventional funding mandates 2 years for a maximum LTV of 80%, 4 years for a maximum LTV of 90%.

Although bankruptcy has a negative effect on your credit, you can get your finances in order and buy a house within a short time. Also interesting to note how different financing FHA, VA, conventional and treat Chapter 7 bankruptcy, Chapter 13, short sales and foreclosures. Based on current lending criteria, it seems more prudent to file a bankruptcy and conduct a short sale, at the same time instead of allowing the house to foreclosure. For example, conventional financing requires a short sale to wait two years for LTV 80% compared with a foreclosure to wait 7 years.

Contact an experienced bankruptcy lawyer in your state about your specific case because no two cases alike. This article is not intended to provide legal advice, but merely to provide information.