Financing in 95818>Question Details

Joe, Home Buyer in Pahrump, NV

how long after a short sale to get a loan if you became disabled and did a short sale?

Asked by Joe, Pahrump, NV Sat Oct 13, 2012

My wife and I still have enough income to afford a smaller home, but this one is so under water 170,000 to be exact. There is no way we can afford this home now.

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Sue Archer Reynolds’ answer
The short sale is approved because of a hardship, no matter what the reason is. The restriction on when you can qualify for a new loan is based on the act of doing a short sale and again, not determined by the type of short sale.

Sorry to say, it's still 3 years under most circumstances to obtain an FHA backed loan. 2 years for a VA loan. A hard money loan or one from a small portfolion based lender may take less.
0 votes Thank Flag Link Sat Oct 13, 2012
Yes there is a new program for FHA by HUD for people in your shoes you just need 12 months from the date of the Bankruptcy, short sale or foreclosure.

The U.S. Department of Housing and Urban Development (HUD) recently announced the “Back to Work – Extenuating Circumstances” program, aimed to help people who have lost their home through foreclosure, short sale or bankruptcy. HUD has reduced the previously required minimum of 36 months to 12 months before they may be able to finance another home, given that they meet HUD’s minimum eligibility requirements.
1 vote Thank Flag Link Sun Sep 1, 2013
FHA Back To Work Program waives Foreclosure, Bankruptcy, And Short Sale waiting periods. Borrowers who lost their homes due to foreclosure no longer have to wait 3 years to apply for a new loan. Visit and see if you qualify today.
0 votes Thank Flag Link Sun Dec 1, 2013
Hi Joe
seem like 170k it was your short sale property.

well many program available for home buyer these days , just call your local mortgage professional for pre approval letter .

good luck
Web Reference:
0 votes Thank Flag Link Tue Oct 29, 2013
You can also try to negotiate how they report the short sale, so it is not negative and neutral and it will not affect you. if there is a negative report, it is usually as little as 2 but most are 3 years.
0 votes Thank Flag Link Tue Oct 29, 2013

Conventional (Fannie Mae ) will allow you to purchase a home 2yrs after a short sale (with 20% down)

FHA has two options
1) 1 day after a short sale purchase.. see link below.. you need to go to the 2009 letter and it is 09-52.
main points: the short sold home could not be an FHA loan , no lates on any debt especially your mortgage, you are not doing this to take advantage of the RE mkt. (hard to find a lender to facilitate but FHA does allow)

2) FHA Back to Work program ... your income had to drop by at least 20% for at least 6months to cause the short sale, foreclosure or Bankruptcy.. if you can prove it then one your clean credit after one or more of these issues you can buy a home..

always consult a local professional in your area for your specific scenario..
0 votes Thank Flag Link Tue Oct 29, 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 Sat May 18, 2013
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