How soon can I get a mortgage?

Asked by D Gray, Milton, GA Tue Feb 19, 2013

I completed a short sale in August 2012, settlement accepted, due to my job relocation. My credit score is 683. I have $100k downpayment for a $500,000 house. I've been employed by the same company for 25 years.

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Rodney Mason, Mortgage Broker Or Lender, Atlanta, GA
Tue Feb 19, 2013
It really all depends on when the late payments started vs when you moved out and relocated. Pelase call me to discuss your details.

Working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your options. To get Pre-Qualified for your purchase, you can submit your request online at

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at
Licensed in Alabama & Georgia with over a decade of lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
0 votes
Dana Lindberg, Both Buyer And Seller, Phoenix, AZ
Sat Nov 2, 2013
Different lenders have different requirements. Some require a long waiting period while others a higher down payment. Visit to see if you qualify.

Dana Lindberg
CFS Mortgage -
0 votes
Adrian Provo…, Agent, Atlanta, GA
Sun Sep 22, 2013
Are you currently working with a mortgage lender?

Adrian Provost
0 votes
Richard- El…, Other Pro, Augusta, GA
Thu Jun 20, 2013
I can get it done for you

Allow me to briefly introduce myself, I am Richard- El Bey. I have been in the lending business since 2000, and I am partnered with several banks and private investors that can help you put more of your clients into homes, and I work FAST!

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580's OKAY
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0 votes
Patti Kane, Home Buyer, Boulder, CO
Tue May 14, 2013
I had a short sale last year and my Realtor recommend for a home loan. I am very happy to be able to purchase again.
0 votes
Russ Ravary, Agent, Commerce Township, MI
Thu Feb 28, 2013
I have seen some mortgage companies do it a year later. Check around with some of the local mortgage companies and ask them. Ask co-workers for recommendations on a mortgage professional or look under the pro section in the green bar.
0 votes
Kim Jones, Mortgage Broker Or Lender, Atlanta, GA
Thu Feb 28, 2013
If you were not late on your mortgage payment during the Short Sale process, you can finance an FHA loan right away. Otherwise, there is a two (2) year waiting period. Call me!! I specialize in Jumbo loans.
Web Reference:
0 votes
William Pola…, Mortgage Broker Or Lender, Suwanee, GA
Wed Feb 20, 2013
I have someone who will finance your loan right now. The rate is high. The minimum down is 25% (unless there is equity in the house above $500,000) which will offset the down payment requirement. It takes time to close (about 40 days). There is an application fee plus appraisal cost. Credit is irrelevant to approval, however it does affect the interest rate. Once you meet the Fannie/Freddie or non conforming guidelines, then you can refinance to a better interest rate with no prepayment penalty.

From a Fannie Mae letter dated June 23, 2010, homeowner's who took the time to work with the lender and were able to short sell the house versus walking away are eligible to buy again after 3 years. The buyer may only have to wait 2 years from the sale date if one of the following occurred: Death of borrower or co-borrower; divorce or legal separation; illness or disability OR a distant employment transfer. Each lender has their rules (layers) on top of Fannie Mae/Freddie Mac so just be aware that even though Fannie Mae says yes, the bank can say no.
0 votes
Johnettad, Home Buyer, Atlanta, GA
Tue Feb 19, 2013
All things being equal you're in good standing to qualify for a mortgage, however, the short sale complicates things. The short sale means you have to wait 2 to 3 years unless there are extenuating circumstances. Fannie Mae, America's largest mortgage buyer, has guidelines which will allow a buyer to purchase immediately after short sale if the seller did not have a 60-day late pay. Unfortunately, not a lot of banks are doing those loans. It is best to contact a community bank or a credit union and see what guidelines they follow. If you need help finding a lender, contact me. My website is
0 votes
Mike Fields, , Atlanta, GA
Tue Feb 19, 2013
Hi Mr. Gray,

FHA will allow a short sale less than three years old IF you were not behind on the mortgage payments prior to the occurance; however your loan amount cannot exceed the FHA loan limit of $346,250 for the metro Atlanta area.

I'll be happy to discuss your situation in more detail; please feel free to contact me anytime.

Mike Fields
Movement Mortgage
Branch Manager/ Senior Loan Consultant
Cell 404-307-3260
Office 404-604-3168
Fax 404-719-4635
NMLS # 221655
GA License # 29031
0 votes
Telmo Bermeo, Agent, Sandy Springs, GA
Tue Feb 19, 2013
It won't hurt you to fill out a loan application with a mortgage broker, sometimes mortgage brokers have lenders that are willing to lend money to borrowers with not so good credit or you may call higher risk borrowers. The interest rate may be higher then what you are willing to pay. Go to and talk to a lender that's my best advice.

Telmo Bermeo
0 votes
Elizabeth Wa…, Agent, Atlanta, GA
Tue Feb 19, 2013
Hello D Gray, thank you for your inquiry about a mortgage. I can assist you with preferred
lenders we use. My contact information is below.

Please feel free to email/text or phone me anytime.

I look forward to your reply and to helping you.

Again, Thank You!


Elizabeth 'Beppy' Walton, Realtor
Keller Williams
C/404 234 9418
0 votes
Elizabeth Wa…, Agent, Atlanta, GA
Tue Feb 19, 2013
Hello D. Gray, thank you for your inquiry about a mortgage! I would be pleased to help you and suggest lenders you can contact.

My contact information is below. Please feel free to email/text or phone me anytime.

I look forward to your reply and to assisting you.


Elizabeth 'Beppy' Walton, Realtor
Keller Williams
C/404 234 9418
0 votes
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