Caliber’s Seasoning Policy for Bankruptcies, Foreclosures and Short Sales PROGRAM
FORECLOSURE
BANKRUPTCY
SHORT SALE
Conventional (Fannie Mae)
7 years from completion
Ch. 7 – 4 years from discharge/dismissal Ch. 13 – 2 years from discharge/4 years from dismissal
4 years from completion
Conventional (Freddie Mac)
For Accept Mortgages, Product Advisor has evaluated the borrower’s credit reputation and determined that the credit reputation is acceptable.
For Accept Mortgages, Product Advisor has evaluated the borrower’s credit reputation and determined that the credit reputation is acceptable.
For Accept Mortgages, Product Advisor has evaluated the borrower’s credit reputation and determined that the credit reputation is acceptable. No seasoning if: Borrower made all mortgage/ installment payments within the month due for 12 mos. prior to the short sale, AND n Made all mortgage/installment payments within the month due for the 12-mo. period preceding the date of the loan app for the new mortgage. n 3 years seasoning from completion date required if in default at time of sale. 2 years from completion
n
FHA
3 years from completion date; FHA pays the initial claim and clears CAIVRS
Ch. 7 – 2 years from discharge – AUS approval Ch. 13 – 1 year of payment period must have elapsed with satisfactory payment performance and permission from the court
VA
2 years from foreclosure date
Ch. 7 – 2 years from discharge Ch. 13 – 1 year of payment period must have elapsed with satisfactory payment performance and permission from the court
USDA
3 years from completion
Ch. 7 – 3 years from discharge Ch. 13 – 1 year of payment period must have elapsed with satisfactory payment performance and permission from the court
Caliber Jumbo
7 years from completion
7 years from discharge/dismissal
Fresh Start
No seasoning requirement No seasoning requirement
No seasoning if: Borrower made all mortgage/ installment payments within the month due for 12 mos. prior to the short sale, AND n Made all mortgage/installment payments within the month due for the 12-mo. period preceding the date of the loan app for the new mortgage. n
7 years from completion No seasoning requirement
Homeowner’s Access
2 years from completion
Ch. 7 – 2 years from discharge/dismissal Ch 13 – 2 years from filing date
2 years from completion
Premier Access
4 years from completion
Ch. 7 – 4 years from discharge/dismissal Ch 13 – 4 years from filing date
4 years from completion
Investment
2 years from completion
Ch. 7 – 2 years from discharge/dismissal Ch 13 – 2 years from filing date
2 years from completion
Dennis Hearing
Loan Consultant NMLS ID 892525 Mobile 954-648-4949 2255 Glades Road Suite 324A Boca Raton, TX 33431 dennis.hearing@caliberhomeloans.com www.caliberhomeloans.com/dhearing
Caliber Home Loans, Inc., 1525 S. Beltline Rd Coppell, TX 75019 (NMLS #15622). 1-800-401-6587. Copyright©2017. All Rights Reserved. Equal Housing Lender. For real estate and lending professionals only and not for distribution to consumers. This communication may contain information that is privileged, confidential, legally privileged, and/or exempt from disclosure under applicable law. Distribution to the general public is prohibited. Residential Mortgage Loan Originator Not all products offered in all states. Residential Mortgage Loan Originator