Buyers with a short sale or deed-in-lieu of foreclosure, new waiting period is 4 years. Time can be shortened to 2 years if the borrower can prove extenuating circumstances.
Buyer with a foreclosure new minimum wait is 7 years, possibly shortened to 3 for same reason as above.
BK you say? 4 years for chapter 7 or 11, possible 2. Chapter 13, wait now is 4 years from discharge date, may soften back to 2 as well with proven extenuating circumstances.
Previous policy wait was determined with the LTV ratios.
This should help move a few homes along.....or jump up prices with still reduced inventory.
Only time will tell!