Bankruptcy (Chapters 7, 11, 13)
- Four years from the discharge or dismissal date
Foreclosure / Deed-in-Lieu / Short Sale
- Seven years from the discharge date
Pre-Foreclosure/Deed-in-Lieu/Short Sale
- Four years
Housing Payment History
- 0x30x6 / 1x30x12
- Free and Clear properties are considered to have satisfied the Housing Payment History requirement.
Consumer Payment History
- Past-due consumer debts (Installment and Revolving) can be no more than ninety (90) days past due at the time of closing. Rolling late payments are considered delinquent for each late occurrence. Debts greater than 90 days past due must be paid off prior to or at the time of closing.
- Note: For credit review purposes, timeshare obligations are considered installment loans.
Judgment / Tax Liens
- Must be paid off at or before closing
Collections / Charge Offs
- Must be paid off at or before closing
- Exception: May remain open when they are:
- Less than twenty-four (24) months old with a maximum loan balance of $2,000;
- Twenty-four (24) months old with a maximum balance of $2,500 per occurrence; or
- Medical collections
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