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Summary — All Waiting Period Requirements

The following table summarizes the waiting period requirements for all significant derogatory credit events.

Derogatory Event Waiting Period Requirements Waiting Period with Extenuating Circumstances
Bankruptcy — Chapter 7 or 11 4 years 2 years
Bankruptcy — Chapter 13      2 years from discharge date

4 years from dismissal date

2 years from discharge date

2 years from dismissal date

Multiple Bankruptcy Filings 5 years if more than one filing within the past 7 years 3 years from the most recent discharge or dismissal date
Foreclosure 7 years 3 years

Additional requirements after 3 years up to 7 years:·       90% maximum LTV ratios2

·       Purchase, principal residence

·       Limited cash-out refinance, all occupancy types

Deed-in-Lieu of Foreclosure, Preforeclosure Sale, or Charge-Off of Mortgage Account 4 years 2 years