Financing in 85001>Question Details

mbb.1013, Home Owner in Reno, NV

How long do I need to wait to try to refinance my current home? I had 2 short sales in 2011 (last 8/11). I have no delinquencies on current loan.

Asked by mbb.1013, Reno, NV Sat Oct 20, 2012

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A quick overview. 2yrs with 20% down on conventional. with 10% down 4 years for conventional. with 3.5% down FHA and )% down USDA Loans 3 years. With VA 0% down and 2 year wait.

Here is a chart with more information on short sale and bankruptcy waiting periods:…

There are hard money lenders that will do interim 1-3 yr short sale bridge loans immediately. They require 25-35% down. Cost/Points of 1-4% and interest of 8-12%. You need to be able to qualify (credit score and income) for a conventional loan today except for the short sale. These loans must be converted to a conventional loan as soon as your waiting period is over. The risk is that you may not qualify when this loan comes due in 1-3 years.

Email me for lender recommendations or with more questions.

Loren Hoboy-Realtor
Your Local Expert
Central AZ Real Estate
2 votes Thank Flag Link Sun Oct 21, 2012
I don't believe its all a matter of time. If you can get a good reduction in your current rate that isn't offset by the refinance charges then go for it!
0 votes Thank Flag Link Tue Oct 8, 2013
I had a short sale last year and my Realtor recommend for a home loan. I am very happy to be able to purchase again.
0 votes Thank Flag Link Sun May 12, 2013
There is a new programe out there that allows you a clean slate to start over again.
email me and I will send you the flier
0 votes Thank Flag Link Sun Oct 21, 2012
If you had no mortgage lates on the mortgages and/or if you short sold due to re-locaton, you can buy immediately provided your credit score is 640+. If you did have mortgage lates on either of the two short sales, the reason and/or hardship will determine when you can purchase again. If the hardship reason is an extenuating circumstance (terminal illness, disability or death of a spouse), then you'lll be able to buy after 2yrs with 10% down. If the hardship is of any other reason, then you'll be subject to 4 years. Feel free to email me, I can send you the details on the guidelines for each type of loan (FHA/VA/Conv)

Leo Zuniga
Sr. Mortgage Banker
V.I.P. Mortgage Inc.
Web Reference:
0 votes Thank Flag Link Sat Oct 20, 2012
There's no set rule. You should check your credit scores to see how they've recovered. If they're already back into the 660+ range, then you should be able to get a good refinance rate. If not, then you should continue waiting. You can always speak with a loan originator to confirm your current situation.
Web Reference:
0 votes Thank Flag Link Sat Oct 20, 2012
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