Home Selling in Bridgeport>Question Details

Willie Johns…, Real Estate Pro in Chicago, IL

If you short sale your house,how long do you have to wait to get another loan .

Asked by Willie Johnson, Chicago, IL Wed Oct 10, 2012

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9
Maria Cipollone’s answer
If your loan was an FHA, you need to wait minimim 2 years after the conclusion of the short sale.
For more information contact a reliable mortgage broker, they have acces to banks, private lenders and to many different financing programs.

Best of Luck,

Maria Cipollone

Century 21 Tenace

http://www.Flahomespecialist.com
0 votes Thank Flag Link Fri Oct 19, 2012
Hello Willie
You would need to wait for 3 years from the sale date of your Short Sale before you can qualify for an FHA mortgage - technically you would need to wait 4 years for conventional financing; however
you could always turn to a private bank to see if they can assist if you are short of these time frames but have re built your credit
Sam Sharp
Senior VP of Mortgage Lending
Guaranteed Rate
773-290-0455
0 votes Thank Flag Link Wed Oct 10, 2012
Hi Willie,

This is not conventional so most of my colleges on here will not talk about these options and some may even talk down about them because they either have not worked with a real estate investor or won't be open to new ideas. You can go out the next day and get into a house on a rent to own or lease option but you will need to have money to put down as a deposit and proof that you can afford to make the monthly payments. Then in 2 or 3 years when you are mortgage qualifiable you can get a new loan on the property. If you would like to know more or anything please feel free to contact me, however If not best of luck in your endeavors.

Respectfully,
Tony Guisto
Solid Solutions Real Estate and Investments, Inc.
708-942-7039
redhotrei@hotmail.com
0 votes Thank Flag Link Wed Oct 10, 2012
Depending on each lender, your credit score must be loanable and I have been told between 2/3 years for FHA and up to 7 for conventional loans. If you are within that time, I would talk to a lender. If you are just starting, you have some waiting to do, so I would focus on getting your credit score as high as you can and save save save for down payment in the interim.
0 votes Thank Flag Link Wed Oct 10, 2012
At least 2 years until your able to buy another place.
0 votes Thank Flag Link Wed Oct 10, 2012
My web site has some lender references and you should call others, particularly the smaller banks that 'portfolio their loans. It may be less time.
0 votes Thank Flag Link Wed Oct 10, 2012
Keep in mind, that mortgage factors and rules can change all of the time, but my understanding is that, currently, you can purchase a home again as quickly as 2 years from the date of the short sale closing!

There are conditions of course...If you want to purchase in 2 years, then that would require a 20% down payment and a credit score of 720(not sure if this is conventional or FHA). If you want to purchase in 3 years, then I believe the down payment requirement can be less.

Check with an experienced mortgage professional for all of the details, but at least 2 years is the correct answer. If you need the contact information to an excellent mortgage professional or have more specific real estate questions, feel free to contact me for a confidential consultation.


Have a great week!
0 votes Thank Flag Link Wed Oct 10, 2012
about 3-5 years but you had better work on the other areas of your life to secure that time frame
0 votes Thank Flag Link Wed Oct 10, 2012
Looks like 3 years for FHA and 5 if you are applying for a conventional loan.
0 votes Thank Flag Link Wed Oct 10, 2012
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