Is there hope after an adverse financial real estate event?

Yes. It is possible to purchase a home after a bankruptcy, foreclosure or short-sale. In addition to rebuilding your credit there are specific waiting periods that will determine whether you will qualify for a new mortgage loan. These wait times vary, depending upon your unique situation. To better understand, I've put together the chart below.

Chapter 7 -

• Conventional: 4 Years from discharge date
• FHA: 2 Years from discharge date
• USDA: 3 Years
• VA: 2 Years from discharge date

Chapter 13 -

• Conventional: 4 Years from discharge date
• FHA: Court Approval + 12 months acceptable payment history
• USDA: 3 Years
• VA: Court Approval + 12 months acceptable payment history

Short-Sale:

• Conventional: 2 Yrs upto 80% LTV; 4 Yrs upto 90% LTV; 7 Yrs above 90% LTV
• FHA: 3 Years
• USDA: 3 Years
• VA: 2 Years

Foreclosure:

• Conventional: 7 Years
• FHA: 3 Years
• USDA: 3 Years
• VA: 2 to 3 Years