How long before you can get a loan after a short sale?

Asked by Onesls, 97504 Sat Feb 4, 2012

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aftervince19…, , Greenville, NC
Wed Apr 9, 2014
It's good to see buyers with recent foreclosure able to buy again. See Comstock if you have a buyer in need.
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cortneykelle…, Home Buyer, 27932
Sun Dec 29, 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.Check out for more details.
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Joycelewis412, Home Buyer, Sacramento, CA
Sat Aug 10, 2013
You can qualify for a mortgage after short sale, foreclosure, or filing bankruptcy. Check out for details.
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Gregorio Den…, , San Diego, CA
Sat Feb 4, 2012
Fannie Mae will now allow you to purchase a home 2 years after a short sale with a 20% down payment and 4 years after with a 10% down payment, with re-established credit. If there were documentable, extenuating circumstances, you may be able to buy after 2 years with 10% down.

FHA has a 3 year waiting period after short sale, however, you may be eligible for a new FHA loan immediately after a short sale if:

o All mortgage payments due on the prior mortgage were made within the month due for the 12 month period preceding the short sale and,
o All installment debt payments for the same time period were also made within the month due.

Borrowers are not eligible for a new FHA mortgage if they pursued a short sale agreement on his or her principal residence simply to:

o Take advantage of declining market conditions, and
o Purchase, at a reduced price, a similar or superior property within a reasonable commuting distance.

Borrowers in default on their mortgage at the time of the short sale are not eligible for a new FHA-insured mortgage for three years from the date of the pre-foreclosure sale.
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Robert D Hug…, Agent, Devon, PA
Sat Feb 4, 2012
Onesis, if you are speaking of a property you short-saled could be 2+ years before you would qualify for a new loan. New credit would need to be established credit scores of 580+ and income and job to support new mortgage.

Good luck,

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