The major banks with standard overlays can't do a loan for at least 2 years after a short sale per Fannie Mae but there are other lenders who will. I also hear there have been exceptions made at the 18-month mark. You might check with Dan Tharp at Comstock Mortgage: 916 257 1470.
#1 Short Sale Agent at Lyon Real Estate... more
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.... more
Not that I know of.
Approving a short sale has nothing to do with the financing of a loan. That is a servicing issue so it's up to the holder of the note.
Most lenders, as a matter of practice, won't approve a short sale unless the seller is behind on payments.
I think that the reasoning behind this is that they normally require that you demonstrate hardship or an inability to continue making the payments in order to approve the short sale. They aren't just going to absorb a big loss for the sake of human kindness, In addition, if the loan is insured (that means there is private mortgage insurance on it or it's backed by FHA or VA) then in order to collect on the policy the insurers may require that the loan goes into default.
Finally, they might do it just to make sure that borrowers don't take advantage of the bank, stick them with a big old loss, and get away scot-free. It might be the bank's way of making sure you don't get out of things without getting your hands dirty. That's just my thoughts though.... more
Depends on how long ago your short sale closed and whether you are going with conventional (20% down payment) or FHA financing. Waiting period is 2-3 years depending on your situation. I would consult with a loan agent in the area where you are buying and he/she can evaluate your situation based on your particular circumstances as well as any local issues that may have to be taken into consideration.
Good luck to you.... more
Were you current on your loan? Did your short sale do a HAFA for you? If so, you can buy immediately. If not, it could be difficult as only smaller banks with in-house portfolios are doing those types of loans. FHA guidelines allow you to buy if you were current as well, but good luck finding a lender who will do it.... more