Home Buying in 12549>Question Details

lyn.gagnon, Home Buyer in Montgomery, NY

I had a short sale 2 years ago, how soon will I be approved for a mortgage?

Asked by lyn.gagnon, Montgomery, NY Tue Mar 20, 2012

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For a personalized answer do visit with any licensed loan officer; generally it can take anywhere from two to four years; much will depend on the circumstances that led you to the short sale, your current, income, credit, debt, etc.
0 votes Thank Flag Link Tue Mar 20, 2012
If during your short sale experience, you were able to keep your mortgage payments current (or did not have any late payments in the final 12 months of that mortgage), you will be ELIGIBLE after 24 months from the day that the transfer of title took place.

Eligible because, the loan application cannot be dated prior to 24 months from the transfer date of the short sale transaction. With this, the loan must either be an FHA or 20% down must be utilized as mortgage insurance companies will not carry the insurance on a borrower who has had a previous short sale.

If you payments have always been timely and you have had extenuating circumstances (job transfer, severe health issues), you may be able to be approved for a new mortgage after 12 months, but not before that time.

Extenuating circumstances, unfortunately, will not be job loss.
0 votes Thank Flag Link Tue Mar 20, 2012
Hi Lyn, definitely consult a loan officer. I'm with Better Homes and Gardens Rand Realty and live in the Montgomery area. Let me know if you'd like to discuss it further. Liz.vasapolli@randrealty.com
0 votes Thank Flag Link Tue Mar 20, 2012
It could be now, your best bet is to meet with a local and trusted loan officer, they should be able to prequailify you at no cost and let you know for sure. Hopefully you have rebuilt your credit and it will depend on how they reported your short sale. you should have negotiated as part of your short sale that they dont report it as negative. Good luck
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Tue Mar 20, 2012
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