Foreclosure in Missoula>Question Details

vriska, Both Buyer and Seller in Missoula, MT

After a short sale,can you get another mortgage? What options do you have?

Asked by vriska, Missoula, MT Mon Jun 3, 2013

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Michael Marbut’s answer
Generally after a short sale it takes at least a year or more to be able to get qualified for a new mortgage. It also depends on how the remaining balance was treated & if there was a 2nd mortgage involved. There are several options: one is owner financing, another is lease with a purchase option. Please let me know if I can be of assistance or you need more information.

Mike Marbut
0 votes Thank Flag Link Mon Jun 3, 2013
1 year is the absolute soonest, and this is only if you had no mortgage lates within the 12 months preceding the short sale. Otherwise it is a 3 year wait for a VA or FHA loan or between 2 and 7 years for Conventional. 2 years requires a 20% down payment, 4 years if you only have a 10% down payment, and 7 years if you want to do 5% down.

Hope this helps!
0 votes Thank Flag Link Mon Jun 3, 2013
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