FHA financing normally requires THREE years from the short sale; HOWEVER, IF:
1) The mortgage payments were made on time within the 12 months prior to the short sale, and
2) The Buyer is not looking to purchasing a similar or larger home in the same area as short sale; one can actually buy the very NEXT DAY after escrow closes on your Short Sale.
Conforming loan guidelines state a minimum of TWO years and 20% down; however, if the short sale was due to documentable "extenuating circumstances" (divorce, medical, job loss, death of a wage earner, etc.) then you only need 10% down.
Extenuating Circumstances "are nonrecurring events beyond the borrowerâ€™s control that result in a sudden, significant, and prolonged reduction in income or a catastrophic increase in financial obligations."
To qualify for FHA financing immediately after a short sale, you need to have been current on your loan for the short sale among other factors. Usually people are behind on payments on the mortgage when a short sale occurs so that will then cause you to have to wait for at least 2 years for FHA financing.
If you have more questions please do not hesitate to call and we can set up an appointment to discuss your specific situation.
Short sale wait times are determined on a case by case basis .
If you made all of your payments on time previous to the short sale, I have a lender that is lending on certain mortgage loan programs .
If you missed several payments ,the standard wait time after a short sale is 2 years.
This is not accurate. Most conventional, FHA and VA lenders have a specified wait period for a short sale to be "seasoned" before considering lending a new loan to you. I do work with one lender that will consider a foreclosure/short sale on a case-by-case basis and I recently wrote a blog about it if you look at my profile. Otherwise, you are best waiting a few years before the traditional banks will consider lending to you.
RPM Los Angeles
Cell: (310) 995-0975