Home Mortgage Loans after Bankruptcy, Short Sale, Foreclosure

Get a Home Loan one-day after a major Credit Event is completed (i.e. Bankruptcy, Short Sale, Deed in Lieu, or Foreclosure)

  • 15% down – 660 score required. No Mortgage Insurance. 
  • 20% down – 580 or 620 score required, depending on the program. No Mortgage Insurance.

If your major Credit Event happened more than 2 years ago, the down payments are lower.

  • 10% down – 660 or 680 score, depending on program. No Mortgage Insurance.
  • 15% down – 620 score. No Mortgage Insurance.
  • 20% down – 580 or 610 score, depending on program. No Mortgage Insurance.

The down payment percentages listed above are for purchase of a Primary Residence. Second Home and Rental Properties require a larger down payment. The minimum loan amount is $100,000. In some case, 100% of the down payment can be a gift from a relative. When determining your credit score, we take the middle of the 3 scores.

**You will need to have a minimum of 3-months of the payment in your bank or retirement fund at close of escrow for reserves.
**A gift of the down payment from a family member may be allowed.
**Maximum 55% DTI (debt to income ratio) considered with compensating factors. Typically, 50% and below is preferred.
**Fixed and ARMs

Property Types:
1-4 units (SFR, Detached, Semi Detached, Attached)
PUD (SFR, Detached, Attached)
Warrantable Condominium (Detached, Attached)
Non-Warrantable Condominiums Attached/Detached), including Condotels

1-Year after Bankruptcy / Short Sale / Foreclosure loans are now available with 3.5% down.

  • Your credit issues were the result of a Loss of Employment or a loss of Income beyond your control. You must show that the household income was reduced by 20% or more for 6-months or longer.
  • The borrower has demonstrated full recovery from the event.
  • The borrower has completed a one-hour housing counseling session. Ask for details.
  • 3.5% down payment.
  • A 12-month clean rental history

Waiting Periods for FHA and Conventional Loans

(Typically, these loans have the best rates, so if you meet these waiting periods, you are golden)

FHA – Max loan amount $322,000 for Las Vegas Area. California is much higher.

  • 2 years after Ch. 7 Bankruptcy (must have re‐established some credit after BK)
  • Financing available for borrower in the middle of a Ch. 13 BK (must have court approval and most recent 12 months installment payments must be on time)
  • 3 years after Foreclosure and 3 years after Short Sale (if there were any 30 day mortgage lates prior to short sale)

Standard Conventional Financing – Max loan amount $484,350 for Las Vegas area. California is much higher

  • 4 years after Ch. 7 Bankruptcy
  • 2 years after Ch.13 Bankruptcy discharge (4yrs after dismissal)
  • 4 years after Short Sale
  • 7 years after Foreclosure
If you are interested in seeing how I built my house you can watch Dan Builds a House on You Tube by clicking HERE.

702-326-7469 – Talk/Text     Email: DSherbondy@AllWestern.com

dan flag color

Dan Sherbondy
Senior Loan Officer
All Western Mortgage
(established in 1981)
“Dan The Loan Man”
702-326-7469 talk/text

Equal Housing Opportunity

Dan’s Licensing: NV MLD 45649, CA-DBO313289, CO-100516554  NMLS 313289
All Western Mortgage, 8345 W Sunset Rd Ste 380. Las Vegas, NV 89113
702-326-7469- TALK OR TEXT | | 702.369.0905 – Switchboard (Ask for Dan)

Company NMLS# 14210, NV Division of Mortgage Lending Lic# 204, Arizona Lic# 0923280, Licensed by the CA Dept of Corporations Lic# 603F053, CA Dept of Real Estate Lic# 01893025, CO Division of Real Estate, Florida Lic# MLD895, NM Financial Institutions Division Lic# 03619, UT Division of Real Estate Lic# 7776975,
OR Dept of Consumer & Business Services Lic# ML-4924, TX Dept of Savings and Mortgage Lending – Consumer Notice, WA State Dept of Financial Institutions Lic# CL-14210.