How long do I have to wait to qualify for a mortgage after a short sale?

Asked by chambers90, Homewood, IL Mon Jul 9, 2012

I had to sale my home due to the house making my family sick, Unfortunately, I was underwater.

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Suzanne Hami…, Agent, Orland Park, IL
Mon Jul 9, 2012
Sorry to hear about that. This market is making things difficult for people.

2 years is minimum from when the house closed and bank released your note. In the meantime, you need to get your credit and everything else in place to get back on track.

I sell in that area and I help my clients get back on track at no cost, so they are ready to go. Please feel free to call me for some free advice on how to get back to start.

Suzanne Hamilton
Managing Broker/Owner
RE Marketing Consultants, Inc.
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Joe Gencur, Agent, Roseville, CA
Mon Jul 9, 2012
Two years is about right for some programs but talk to a trusted loan officer because there are other factors that they will look at.
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Scott Godzyk, Agent, Manchester, NH
Mon Jul 9, 2012
You should meet with a local and trusted loan officer. they can prequailify you and let you know what may be available to you. the key is if you kept paying or stopped paying. There are some programs which require just a higher down payment and others that can be 2 to 3 years depending on the type of mortgage, how your short sale was reported (which they should have negotiated to not be negative) and how your other credit is.
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Galina Persky, Agent, IL,
Mon Jul 9, 2012
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Ron Thomas, Agent, Fresno, CA
Mon Jul 9, 2012
The word now is; two years.
I fully expect that to change in the near future;
Lenders will find ways to be lenient so that they will have Clients.
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