, Foreclosure, Short Sales & Loan ModificationsMinimum Periods for Significant Derogatory Credit Events

*Must Recelve an AUS "Approve". Conventional loans may not Therefore, loans with extenuating circumstances allowing

2 years from date foreclosure completed and transferred back to bank.

12-23 months from date foreclosure completed and transferred back to bank if credit re-established and pald as agreed and

2 years from date sale closed and transferred to new owner or completion date ofLoan Modifications waiting period is from the modification completion date.

Short Sale-When a short sale was completed within 1 2-24 months of loan application, there must be documented extenuating

circumstances, AND requires a manual downgrade and must be underuritten and recommended by the Underurite- PRIOR to

2 years from date of discharge.1 i-23 months irom date of discharge if credit re-established and paid as agreed and was caused by acceptable exienuating

I yeil p"yo,,t per'pd und", ban[ruptcy has elapsed and the borrower's payment perfomance has been satisfactory and all

re'quirei piyments made on time. Pemission must be given by the courts to enter into a new mortgage obligation if currently

ye,r of the payout must have elapsed and payments must be made on lime. Borrower musl

and transfered back to

7 years from date saleproduct.

and lransferred to new owner or transferred back to bank for maximum LTV/CLTV allowed by

4 years from date sale closed and transferred to new owner or transferred back to bank u/ith 'l 0% down payment.

2 years from date sale closed and transferred to new owner or transferred back to bank with 20% down payment.

Loan Modifications is from the modification

n Vears trom cornptetion date for an Owner-Occupied purchase or limited cash-out refinancel and Max. Lryprchase, borrowei must contribute the greater of 107o min. down payment or product requirements.

7 years from completion date if transaction is a: Cash-out, Second Home or lnvestment PropertyNote: Mav follow

date or dismi

2 years from discharged date.4 vears from dismissal date

years from latest discharge or

Must be approved by AUS

years from date sale closed and transferred to new ownerLessthan3years,butnotlessthanl2monthsfromthedateshortsale,pre-loreclosureorloanmodification compl€te.lafiC

transferred b;ck to bank may be acceptable if the result of acceptable extenuating circumstances.

Z years trorn Oate ot discharge with re-established credit paid as agreed or no new credit obligations incurred.

Ljss than 2 years, but not less than 12 months from date ofdischarge may be acceptable ifthe bankruptcywas caused by

acceptable exenuating circumstancesr and bonower has since exhibited a documented ebility to manage financial aiiairs in a

@picyhaselapsedandtheborrowedspaymentp€rformancehasbeensatisfactoryandallreiuirei piyments made on time. Permission must be given by the courts to enter into a new mortgage obligation if currently

under the Davout Deriod.

1 year tne p-ayu,t rn "t

trave elapsed and payments must be made on time. Borrower must receive pemission from the

3 years from the date of discharge unless approved by GUScircumstances.3be considered with

under the'l year of the must have elapsed and payments must be made on time. Borrower nlust pemission from the

to enter

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