*1 year of on-time payments and permission from the court Mark Copland | Mortgage Banker NMLS: #136066 | Company NMLS #129386 (734) 846-4875 | MCopland@mortgageone.com *1 year of on-time payments and permission from the court * UNLESS the mortgage was included in the Chapter 7 Bankruptcy. THEN the waiting period is only 4 years. ** HUD says you are not eligible for FHA financing if you do a short sale just to take advantage of market conditions. However, you are eligible if your no mortgage or other installment payments have been 30 days late in the last 12 months. NOTE: For bankruptcies, the measuring begins with the date on the bankruptcy discharge and ends with the date of the credit report. For foreclosures, it begins with the date on the Sheriff’s Deed and ends with the date of the loan application. For short sales, it’s the date of the closing to the date of the loan application.