Getting a mortgage after a foreclosure
The waiting periods are not a mystery. Each loan program publishes its own, measured from the date title left you, and they are shorter after a short sale or deed in lieu than after a completed foreclosure. This page sets them side by side, with what shortens them.
Published program rules, cited
Measured from the transfer of title
Not a lender · not a law firm
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It matters before the sale,
not only after.
How a foreclosure ends changes how long the wait is. A short sale or a deed in lieu, negotiated before the auction, carries a shorter period under the main program guidelines than a completed foreclosure.
That is one of the reasons the settlement conference and loss-mitigation review exist: a resolution that keeps the home is best, but where it is not possible, the way the loan ends is still worth negotiating. The stage guides cover those options; this page covers what each outcome means for the next loan.
Two cautions. These are the guidelines the programs publish; an individual lender may add its own overlays. And none of this is a lender offer: this site is not a lender and does not refer to one.
The date that counts
Every period below runs from the date the property transferred out of your name: the referee's deed after a foreclosure, the closing after a short sale, or the recorded deed in lieu. Not from the first missed payment, and not from the auction.
Waiting periods
Foreclosure against the alternatives.
From the published Fannie Mae Selling Guide, HUD Handbook 4000.1 and VA Pamphlet 26-7. Extenuating circumstances means a documented one-time event beyond your control, and the shorter period comes with conditions.
| Consideration | After a completed foreclosure | After a short sale or deed in lieu |
|---|---|---|
| Conventional (Fannie Mae guide) | Seven years; three with extenuating circumstances, limited to a principal-residence purchase or limited cash-out refinance at 90 percent maximum loan-to-value | Four years; two with extenuating circumstances |
| FHA | Three years from the transfer of title | Three years from the deed-in-lieu; short sales have their own conditions in the handbook |
| VA | Two years; a lender may accept one year with re-established credit where the foreclosure was beyond your control | Generally treated the same as a foreclosure for the purpose of the period |
| Chapter 7 bankruptcy (conventional) | Four years from discharge or dismissal; two with extenuating circumstances | Same |
| Chapter 13 bankruptcy (conventional) | Two years from discharge, or four from dismissal | Same |
| Two or more bankruptcies in seven years | Five years from the most recent discharge or dismissal | Same |
Where a foreclosure was included in a bankruptcy, the Fannie Mae guide applies the bankruptcy period rather than the foreclosure period if the lender documents that the mortgage was discharged in it. Program rules change; the sources at the foot of the page link to the current guides.
In detail
What shortens the wait, and what does not.
Three things affect the period: how the loan ended, whether a documented hardship qualifies as extenuating, and what else is still on the record.
Extenuating circumstances
The Fannie Mae guide defines them as nonrecurring events beyond your control that caused a sudden, significant and prolonged loss of income or a catastrophic increase in obligations, documented with evidence of the event, its effect and its resolution. Divorce and job loss can qualify; poor budgeting does not. A lender decides, and the shorter period brings a lower maximum loan-to-value, so a larger down payment.
A deficiency judgment on the record
If the lender moved for a deficiency within 90 days of the deed and got one, it is a judgment a new lender will see and will normally require to be paid or settled before closing. If no motion was made in time, the sale proceeds were full satisfaction under New York law and there is nothing to pay. Whether one exists is a matter of the court file in the county where the case was heard.
How long the record lasts
A foreclosure may be reported for seven years; a bankruptcy for ten. For an account that was charged off, the seven years runs from 180 days after the delinquency began. Re-established credit during the waiting period, meaning accounts paid on time since the event, is what the program guidelines look for at the end of it.
What this page is not
It is not a lender offer, a rate quote or a recommendation of any lender. This site does not arrange loans and does not refer anyone to a lender. For the question in front of you now, whether a short sale, a deed in lieu or a modification is available in your case, the stage guides and a free case review are the route.
This page describes general New York foreclosure procedure. It is not legal advice, and procedure has exceptions, county practice and case law that no general page can apply to an individual situation. NewYorkForeclosureHelp.com is not a law firm, a lender, or a government agency. If a deadline, court date, or sale date is approaching, speak with an attorney promptly.
Common questions
About borrowing again.
How long after a foreclosure can I get a mortgage?
It depends on the loan program. Fannie Mae's guide sets seven years after a foreclosure, three with documented extenuating circumstances; FHA generally three years; VA two years, which a lender may shorten to one with re-established credit where the event was outside your control. Each is measured from the date title transferred.
Is the wait shorter after a short sale or deed in lieu?
Under the Fannie Mae guide, yes: four years after a deed-in-lieu or short sale, two with extenuating circumstances, against seven for a completed foreclosure. FHA applies the same three years to a deed-in-lieu as to a foreclosure.
What counts as extenuating circumstances?
A one-time event beyond your control that caused a sudden, prolonged loss of income or a catastrophic increase in obligations, documented, with evidence that the problem is resolved. A lender decides whether your file qualifies; the shorter period also comes with a lower maximum loan-to-value.
Does a deficiency judgment affect getting a new mortgage?
An unpaid judgment is a debt a new lender will see and usually require to be paid or settled. Whether one exists depends on whether the lender moved for it within 90 days of the deed; if not, the sale proceeds were full satisfaction and there is nothing to pay.
Can I reinstate or buy back my home after the sale?
Not by right. New York has no redemption period after a foreclosure sale; the right to redeem ends when the sale happens. Anything after that is an ordinary purchase from whoever bought the property.
Program guidelines and statutes behind this guide
- M1: Fannie Mae: seven years after a foreclosure (three with extenuating circumstances, 90 percent maximum LTV); four after a deed-in-lieu or short sale (two); four after Chapter 7 (two); two after a Chapter 13 discharge or four after dismissal; five after multiple bankruptcies. (Fannie Mae Selling Guide B3-5.3-07), read 2026-09-10
- M2: FHA: generally not eligible within three years of a foreclosure or deed-in-lieu, measured from the transfer of title. (HUD Handbook 4000.1, II.A.4.b.iv), read 2026-09-10
- M3: VA: two years after a foreclosure or Chapter 7 discharge, which a lender may shorten to one year with documented re-established credit where the event was beyond the veteran's control. (VA Pamphlet 26-7, Chapter 4), read 2026-09-10
- A8: A foreclosure may be reported for seven years; for a charged-off account the seven years runs from 180 days after the delinquency began. (15 U.S.C. § 1681c(a), (c)), read 2026-09-10
- A1: A deficiency judgment requires a motion within 90 days of the deed; without it no deficiency can be recovered. (RPAPL § 1371), read 2026-09-10
- A7: Cancelled mortgage debt of $600 or more is reported on Form 1099-C and is generally income unless an exclusion applies. (IRS Instructions for Forms 1099-A and 1099-C), read 2026-09-10
Waiting periods are quoted from the Fannie Mae Selling Guide, HUD Handbook 4000.1 and VA Pamphlet 26-7 as published on 2026-09-10, and recorded in the site's evidence file. Program rules change; check the linked guide before relying on a figure.
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