Loan after short sale

Asked by Jandims8, Sacramento, CA Tue May 8, 2012

We completed a short sale 13 months ago due to a job transfer. Our credit has not fully repaired as we were in the 800's and are now in the 670-700 range. I have been told lenders will consider a loan after 24 months and/or 36 months. We do have a VA loan as an option (at some point), but again not exactly sure what our actual options are. We did miss three payments, not because we financially had to, but because we were told Bank of America wouldn't talk to us otherwise. We would love to buy in 6-10 months. Any advice? -Jm

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CJ S’s answer
CJ S, , New York
Mon Aug 6, 2012

I read through this and it really amazes me how so many lenders/underwriters act like lawyers.

The HUD guidelines state:

A borrower is not eligible for a new FHA-insured mortgage if he/she pursued a short sale agreement on his/her principal residence simply to
• take advantage of declining market conditions, and • purchase a similar or superior property within a reasonable commuting distance at a reduced price as compared to current market value.

Borrower Current at the time of Short Sale
A borrower is considered eligible for a new FHA-insured mortgage if, from the date of loan application for the new mortgage, all
• mortgage payments on the prior mortgage were made within the month due for the 12-month period preceding the short sale, and
• installment debt payments for the same time period were also made within the month due.

Borrower in Default at the time of Short Sale
A borrower in default on his/her mortgage at the time of the short sale (or pre- foreclosure sale) is not eligible for a new FHA-insured mortgage for three years from the date of the pre-foreclosure sale.

Note: A borrower who sold his/her property under FHA’s pre-foreclosure sale program is not eligible for a new FHA-insured mortgage from the date that FHA paid the claim associated with the pre-foreclosure sale.

Exception: A lender may make an exception to this rule for a borrower in default on his/her mortgage at the time of the short sale if the
• default was due to circumstances beyond the borrower’s control, such as death of primary wage earner or long-term uninsured illness, and
• a review of the credit report indicates satisfactory credit prior to the circumstances beyond the borrower’s control that caused the default.
4155.1 4.C.2.l Short Sales

The guidelines (not rules) address defaults and current at the time of the short sale. They don't actually address mere delinquency. However, the "experts" have taken default to mean delinquency.

On top of that, the exception states clearly: default was due to circumstances beyond the borrower’s control, SUCH AS death of primary wage earner or long-term uninsured illness

Such as, generally, means an example, and not exclusivity. However, from the posts I read below, that's exactly the way it's being interpreted.

I understand lenders/underwriters/mortgage professionals being wary of people that have gone through foreclosures, but they're being ridiculous and interpreting "guidelines" like they went to law school.

Good luck with your hunt for a loan. There has to be someone out there that can see that a Guideline is a Guideline, and additional circumstances may be used to determine loan eligibility.
1 vote
Yolanda Jack…, Home Buyer, Rockford, IL
Tue Aug 25, 2015
Have you tried The Lenders Network? I was in a similar situation and they found us a lender to help us get approved.. Good luck!
5 votes
Irene DePalma, Home Buyer, Clifton Park, NY
Mon Jun 29, 2015
Because of financial and personal hardship, we had to do a shortsale on our home, its been six months, can we apply for another Mortgage now ?
1 vote
Craig Bosse, Agent, Walnut Creek, CA
Thu Sep 19, 2013
Yes! We can do it.

We have a program that allows a borrower to buy again just One Day after Foreclosure or Short Sale.

It is a "Portfolio Loan" and underwritten in house. The rates are much better than "Hard Money" which up until recently was the only option.

Let me know if you are still looking.

1 vote
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Flag Tue Jun 13, 2017
Craig, we are in the same situation. Great credit, just short sale. We would like to buy a home within the next 6 months. However, having 20% might be hard for what we are looking for. Are there lower down payment mortgage options? We are looking at a price point of $250,000-$350,000.
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I would like to refinance my primary home which has a 4.5 adjustable mortgage due to reset in 2018 and a $200,000 line of credit at 2.47. I would like a 5 year adjustable if I could find one. I short sold two rental properties in 2013 . Otherwise my credit is good and no other problems I can see. However, everybody says 2 years are required from the short sale. My home is valued by Zillow at $760,00 or so..
Flag Sat May 17, 2014
Are you still offering this mortgage? We have great rations. Very little revolving debt but had a Short Sale 4/2013. We are planning to wait the full 24 months before we buy again.
Flag Wed Feb 19, 2014
AZ, CA, CO, DC, FL, HI, IL, MD, MT, NV, NJ, NY, NC, OR, SC, VA, and WA
Flag Thu Feb 6, 2014
Sorry.. not in TX yet.
Flag Thu Feb 6, 2014
Im also looking for a home loan just months after a short sale, Can you help
Flag Wed Dec 18, 2013
Charlie Baum, Home Buyer, Exton, PA
Sat Sep 8, 2012

Did you have any lates as part of the short sale? If you didn't, you are eligible for an FHA loan immediately. Most people do have lates though, so let's assume you did, and that is the challenge. USDA does not require a wait time after a short sale. However the issue you will run into is investor overlays. Overlays are guidelines or requirements that lenders or investors put on top of the defined program requirements. Most investors have overlays unfortunately. Most of them will require 3 or 4 years post short sale. However, chase rural housing does not have overlays, so if you can find a lender who sells loans to chase rural you could be in business as long as you meet all the defined USDA requirements and have property and income that is USDA eligible. One lender I know that sells to chase rural is first capital mortgage group in Pittsburgh. Call them at (412) 942-1020 and ask for Jason livengood at ext 28. You wont run into overlays with those guys. Tell him I sent you.
1 vote
Just a note. I wrote to USDA to be specific and their guidelines are identical to FHA regarding short sales including not being late at the time of the sale. 36 months from time of sale. Sadly many have misread the guides.
Flag Tue May 14, 2013
The Stephen…, Agent, Portland, OR
Wed May 16, 2012
I had some clients with the best credit and cash on hand you could imagine. I successfully short sale'd their home (way underwater) and then they tried to buy as quickly as possible. No matter how many lenders they talked to, it was impossible. The two year minimum I told them about was impossible for them to overcome. So, I'd talk to a lender right away after the 2 year mark is over, even now they could give you good suggestions on how to improve your credit. (However, there is one lender who answered this question that thinks he can do it in one year - that'd be the first time I'd heard of that.)
1 vote
Hi Stephen, We have a portfolio program that allows borrowers to buy again one day after Short-Sale or Foreclosure. It's a minimum 20% down and 660 mid FICO, otherwise it's pretty straight forward. Let me know would like more info.
Flag Mon Dec 2, 2013
Bob Willett, , Sacramento, CA
Mon May 14, 2012
It sound like you are doing everything right. The fact that you have scores up into the mid-600s now is great considering what you’ve been through. I’ve read through the comments below, and I thought I’d chime-in and give you the basic guidelines so you have some point of reference. Just so you know however, guidelines have a nasty habit of changing, so saying you can do something in 6 months may not be the case if the rules change before that time. In any case, here are the rules as of now:

VA – as little as 2 years after a foreclosure, short-sale, or chapter 7 bankruptcy you could potentially be approved. This is obviously your best bet.
FHA – you’ll need 2 years after a chapter 7 bankruptcy, but 3 years from a short-sale or foreclosure. There is an exception if you were required to move to a completely different market, and you didn’t miss any payments for the last 12 months - and were up-to-date at the time you completed the short-sale, you could buy immediately after the short-sale. (Sorry, but your situation won’t be an exception – even if you have it in writing that BofA told you to miss payment to start the process.)
Fannie-Mae – it will take 7 years from a foreclosure (they don’t like these,) but as little as two years from a short sale. The trick is you will need to put 20% down to buy again after only two years. You need 10% down after 4 years, and in order to do maximum financing, a full 7 years needs to have elapsed. If you had a chapter 7 bankruptcy you need to wait 4 years.
USDA – it’s basically 3 years from a foreclosure, a short sale, or a chapter 7 bankruptcy is required.

So it sounds like you will be good to go on a VA in a little under a year. Best of luck to you, and keep up the good work. Feel free to go to my profile page and call or e-mail me directly if you have any other questions.
Web Reference:
1 vote
Mohammad Mal…, Mortgage Broker Or Lender, Columbus, OH
Tue May 2, 2017
If you are VA Eligible there is no mandatory waiting period.
0 votes
robert Caram…, Mortgage Broker Or Lender, East Greenwich, RI
Mon May 1, 2017
0 votes
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0 votes
Ace Family, Home Buyer, McKinney, TX
Mon Jul 11, 2016
We were able to do it. We were at 23 months after a short sale in CA - we were able to get a loan to buy a home in Mckinney Tx. It is portfolio loan w/ less than 20% downpayment - 5 yr ARM - 3.6% - our FICO is 699. Got full approval in less than 1 week. The bank we worked with is fantastic. They are called BancorpSouth in Plano Tx. Charley Woodward is the lender we worked with- he is very knowledgeable and has a lot of experience. Ultimately, we thank God for this huge blessing. We were going to wait the full 4 years - but God put it in our hears to proceed now. He made it happen. Praise God!
0 votes
Claudia Mull…, Mortgage Broker Or Lender, Fremont, CA
Mon Dec 21, 2015
After short sale or foreclosures:

VA: 2 years

FHA: 3 years

Conventional: 4 years

Jumbo (A paper) 7 years
0 votes
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Thu Nov 19, 2015
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0 votes
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You .
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Flag Thu Nov 19, 2015
Tommyh007, Home Buyer, Castaic, CA
Sat Oct 3, 2015
I have the same situation, i has been 13 months for and would like to buy now with 5% down, can someone help??!!! Thankx
0 votes
Megan Miller, Home Buyer, Fresno, CA
Mon Sep 28, 2015
Have you tried The Lenders Network? I was in a similar situation and they found us a lender to help us get approved.. Good luck!
0 votes
Cassiemeb1, Home Buyer, Jacksonville, FL
Mon Sep 14, 2015
I did a short sale back in 2013 and I've been told by Everbank and The Bank of England and also Watson realty mortgage that the waiting period to purchase another home is 3 years. I also had a mortgage with Bank of America and I wasn't in any financial distress but in order for Bank of America to approve my sale I was told that I had to miss payments. I sold my home due to a job transfer.
0 votes
George Dudley, Mortgage Broker Or Lender, Tampa, FL
Tue Jul 28, 2015
JM you would be waiting a minimum of 2 years because of the missed payments.
0 votes
Sheryl Arndt, Mortgage Broker Or Lender, Woodland Hills, CA
Sat Apr 18, 2015
Hello Jm, you may qualify ONE DAY after a short sale, foreclosure or deed in lieu with 20% down and minimum 620 fico score. You may qualify FHA ONE YEAR after a short sale, foreclosure or deed in lieu under special circumstances of the back to work program.

Traditionally FHA is 3 years from a short sale, foreclosure or deed in lieu and VA is 2 years. I am also a Veteran and love assisting Veterans. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.

If you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment/price you are looking to achieve you can be emailed listings to fit your search criteria. Your email address is needed to set you up for the automatic daily updates.

You will need to be pre-approved if you decide to buy to be able to meet an agent to view and submit offers on any homes of your choice. Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, home price, loan program and how much you want to invest into the down payment and closing costs.

It only takes a few dozen questions to qualify, go over your options and email you listings to study and compare. Here are some links to study as well as web reference links to many loan program pages offered...

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0 votes
Jesse Kight, Mortgage Broker Or Lender, Cordele, GA
Wed Apr 15, 2015
We provide mortgage financing 6 months after a short sale or foreclosure with 20% down. We do not have a minimum credit score, but certain restrictions do apply. Not everyone will qualify. Please call me for the details.

Jesse Kight | Mortgage Sales Manager | NMLS #75780
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0 votes
rbloomfield, , Crestview Hills, KY
Sun Apr 5, 2015
We short saled our house Sept. 1, it will be 3 years and our credit is good, Can we get a house loan through banks?. AB
0 votes
sdiva11, Home Buyer, Greensboro, NC
Mon Feb 16, 2015
do you have options for nc?
0 votes
Riccardo War…, Agent, Bolingbrook, IL
Thu Oct 23, 2014
You can definitely buy a home after a short sale, 2 years is the earliest going conventional. 3 years going FHA but if there were certain circumstances, you can buy sooner.
If you did a short sale and didnt have any lates prior, then you dont have any wait time, you are ready to buy asap.

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Cross Country Mortgage
Specializing in Illinois and California

*We do Conventional loans down to a 620 score
*We do FHA loans down to a 580 score
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*We do reverse mortgages
*We do JUMBO loans to 12 million
0 votes
We were current at the time of the short sale and had to move from California to Houston Texas for new job. Our credit scores were in the 800's. Any options in Houston for a home loan?
Flag Tue Jan 6, 2015
Craig Bosse, Agent, Walnut Creek, CA
Thu May 22, 2014
You don't have to wait.....

We have a portfolio "2nd Chance" loan (NOT FHA back to work) that allows you to buy again just one day after Short-Sale or Foreclosure. You can only have one on your credit and you will need a 20% down-payment and 660 mid FICO score.

This loan is available in - AZ, CA, CO, DC, FL, HI, IL, MD, MT, NV, NJ, NY, NC, OR, SC, VA, and WA . Loan amounts up to $4 million +
0 votes
what happens if you have a credit score of 661, but not the 10% down-payment?
Flag Tue Nov 11, 2014
Kelli J. Mor…, Agent, Beaumont, CA
Wed Apr 16, 2014
Try Calvet. My buyer just bought a house one year after his foreclosure and he used CalVet. The terms are very similar to VA. I was very impressed with how good CalVet did.

They look at each situation on a case by case basis. I think your credit score is already high enough to qualify. I have included her contact info below.

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Loan Processing Unit
1227 O Street #222
Sacramento, CA 95814

Phone: (916) 503-8352
Fax: (916) 653-9641

It is difficult to get through by phone but very easy to communicate to her by email. Once again, I was very impressed with he awesome job that Shelley did. It was the first time that I had ever had her as a lender on one of my transactions and I highly recommend her!

Feel free to call me if you have any questions...
0 votes
CalVet now has a new and improved website where you can apply online at
The correct phone number is 916 503 8359
Flag Fri May 2, 2014
aftervince19…, , Greenville, NC
Sat Apr 5, 2014
Don't let a foreclosure stop you from buying another home. Visit Comstock if you have a buyer in need.
0 votes
Hyatt Simons, Agent, Sacramento, CA
Sun Feb 2, 2014
The best first step to homeownership is to talk with a lender who specializes in home lending. You will need to choose a lender at some point so its the best place to start the home buying process. This simple step will allow you to know exactly where you stand now and what you need to do in order to secure a home loan again. Call/email me if you'd like a professional referral to a couple sincere lenders in the Sacramento area. Wishing you the best of luck JM! Hyatt Simons, REALTOR | | 916-508-1891 | calBRE# 10889685 | Coldwell Banker
0 votes
Kelli J. Mor…, Agent, Beaumont, CA
Sun Dec 1, 2013
CalVet might be an option. I have a client buying a home right now 16 months after a foreclosure with an approval from CalVet. They seem to work with the veterans on a case by case basis.
0 votes
kirksharon14, Home Buyer, Just Us, Atlanta, GA
Sun Dec 1, 2013
Borrowers who lost their homes due to foreclosure no longer have to wait 3 years to apply for a new loan. Visit and see if you qualify today.

CFS Mortgage
0 votes
Kevin and Ju…, Agent, Wildomar, CA
Wed Nov 20, 2013
So many answers... Only way to know for sure is to visit with a reputable mortgage lender to see what purchase programs you qualify for - Good luck!
0 votes
Chris Andries, Agent, Seal Beach, CA
Tue Nov 19, 2013
Yes you can receive a loan 1 day after a short sale. We work closely with a major lender who will give homeowners who will lend so you can buy a new home. You can purchase in the same neighborhood and keep your kids in the same school district. If you owe more than your home is worth and thinking of selling give us a call. We can discuss selling your home and buying a day after you sell.
0 votes
Emi saaa, Home Buyer, 30024
Thu Sep 12, 2013
We had chp 7 bankrupcy discharger in aug of 2009. We chose to keep house and did not know home was never reaffirmed until may of this year when we put the house for sale and started looking around for new lender to prequalify us for new loan. We also started loan modification with BOA over a year ago, they lost our paperwor we had to resend same stuff 3-4 times and in june i find out our name is showing up default in caivrs. I paid whatever needed to have that removed and thry said best thing to do is cancel modification so they can apply payments to my loan from partial account. It has been nightmare with them the worst bank anyone can work with!!! Now no one will approve us for new loan because we had lates and because the way they applied payments after loand mod cancelation. Is there a lender that will approve with lates jn past 12 months??? Or do we have to wait 12 more konths. Please help!!
0 votes
Paul Watkins, Mortgage Broker Or Lender, Walnut Creek, CA
Wed Sep 4, 2013

I have a great portfolio program designed specifically for folks who have had a foreclosure, short sale or deed in lieu. NO SEASONING IS INVOLVED. 660 credit score 20% down up to $1MM in California. I don't know of any other bank that has this product.

Our bank also has all of the traditional products as well. Feel free to give me a call if you want to talk. My number is listed in my profile along with my website and recommendation.

Paul Watkins
Web Reference:
0 votes
Claudia Mull…, Mortgage Broker Or Lender, Fremont, CA
Mon Aug 26, 2013
VA rules for short sale is 24 months from the date of the transfer to the new owners.
Late payments are not a problem.
I just closed a VA today where they had 2 short sales 26 months ago.
I can help you!
0 votes
Marty Stern, , Sonoma, CA
Thu Aug 22, 2013
FHA did come out with a new policy this week (mortgagee letter 2013- 26) that will allow you to get a new loan 12 months after a short sale provided you meet a number of conditions. Your short sale had to be caused by a loss of income (at least 20% a month) that lasted for at least six months. Also, following the short sale, you need to show that you have recovered economically (income back to normal) and you have to show pretty much a perfect credit record, all payments made on time, for the past 12 months. And you also need to attend a housing counseling session (of at least 1 hour in length).

However, even though FHA has made these rule changes, many lenders will choose to NOT follow them (and are not required to do so). So in talking to different lenders, be sure to find out if they are accepting the new FHA loan guidelines.
0 votes
Sue Archer R…, Agent, Palm Harbor, FL
Thu Aug 22, 2013
I think I just read this week some new changes to the policy and that, if you can prove you've had more than a 20% reduction in your income which caused the short sale, and that you've been current in all of your payments within the last 12 months, that you can get a new mortgage in 12 months.

I saw it once, and thought it was a marketing promotion, But then I saw it again two other times. I've asked my lender what he knows about check again. There might be something that changed just recently. I'm checking this out. I don't know if it's fact or fiction but it sounds promising.
0 votes
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Flag Thu Oct 29, 2015
Greg Herman, Mortgage Broker Or Lender, Oakland, CA
Sat Aug 10, 2013
Just updating a prior post for those who need the information, here is a link to a document that has the timelines for Bankruptcy, foreclosure, and short sale for all types of loans.

Foreclosure,BK, Short Sale Seasoning.pdf (file://GREGHERMAN-PC/Users/Greg%20Herman/SkyDrive/Documents/Flyers/Foreclosure,BK,%20Short%20Sale%20Seasoning.pdf)

Greg Herman
Straight answers, no games, no guessing.
0 votes
Andrew Marti…, Mortgage Broker Or Lender, Orangevale, CA
Sat Aug 10, 2013
To be approved for the new VA home loan, the borrower would have to maintain good credit after the short sale, and the date of the short sale must be documented on a credit report or other paperwork.

In cases where the lender approves of the new loan, the VA loan applicant who has good credit, has waited two years since the official date of the short sale, and provides the required supporting evidence could be approved for a new VA home loan.

It's important to point out that not all lenders permit these types of transactions, and some require the borrower to wait longer than the VA two year minimum. But lenders who do agree can help a qualified borrower ready to become a homeowner again--even after a short sale.
0 votes
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Flag Wed Sep 30, 2015
Roy Bush, Both Buyer And Seller, Phoenix, AZ
Sat Aug 10, 2013
There is a site that will help you determine if you can qualify for a refinance after short sale, foreclosure, or filing bankruptcy. Check out
0 votes
Roy Bush, Both Buyer And Seller, Phoenix, AZ
Sat Jul 20, 2013
I had a buyer that wanted to buy a home in Arizona, but he had a Chapter 7 bankruptcy 7 months ago. I introduced a loan program at, they allow a mortgage after a foreclosure, short sale, or bankruptcy. There is only a six month waiting period. This is perfect for individuals looking to become homeowners again.
0 votes
After very little research needed, this hard money lender keeps posing as a buyer/seller and posting about cfs flex. They have been reported.
Flag Sat Aug 10, 2013
Gregorio Den…, , San Diego, CA
Fri Jul 19, 2013
Since this post has come up again I figured I may as well add that you should be eligible now even with the missed payments for financing. Feel free to contact me for more info.
Web Reference:  http://WeFixRates.Com
0 votes
martyloans, , Sacramento, CA
Fri Jul 19, 2013
Fi you haven't figured it out yet,call me. I can help you get qualified for a mortgage in California either VA or RD. Marty Hankins 801-360-6331 ENG Lending Utah
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Terri, Renter, Pacifica, CA
Tue May 21, 2013
A few other people here have mentioned CFS Mortgage. I am currently working with them, and let me tell you, they have THE BEST customer service I have ever experienced with a mortgage broker. Not only have they helped me buy after a short sale, they made it almost painless. I am not using their flex program but opted instead to do the 20% down, 30-year fixed route. I highly recommend them, ask for Chriss, he's the best.
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Sue Archer R…, Agent, Palm Harbor, FL
Wed Apr 24, 2013
Your question was originated in 2012, so at this time, you are well past the two year mark. Any chance you can share your experience?

As I read some of the responses here, I suspect there's some who do not understand what the HUD guidelines are, and why they are in place. A lender, when he originates a loan, most often SELLS that loan to an investor, (whether or not the SERVICER - who you pay each month- remains the same). Most often (almost always) in this economy the investor who owns your loan is a government entity. Therefore, when a lender originates the loan, they want it to comply with what their investor requires. There is no judgement, but sound economic principles applied to help avoid the issues we had in the past.

Many of my clients who have had to wait the 2-3 years came back in the market with a mortgage rate much improved than when they left the market. So while they didn't like to wait, it actually worked in their favor. I hope you were able to move forward now. And again, we'd appreciate hearing of your success in re-entering the market after a short sale.
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Terri Club, , Arizona
Tue Apr 23, 2013
I had a client who wanted to buy a home in Arizona, but he had a foreclosure. After researching the web I found a loan program at, they allow a mortgage after a foreclosure. There is no waiting period. Good to see lending options coming back.

Visit for more details.
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I am currently using CFS Mortgage after a short sale (not using their flex program, just getting a regular loan) and they are FANTASTIC. Ask for Chriss, he is wonderful.
Flag Tue May 21, 2013
I am currently using CFS Mortgage after a short sale (not using their flex program, just getting a regular loan) and they are FANTASTIC. Ask for Chriss, he is wonderful.
Flag Tue May 21, 2013
I am currently using CFS Mortgage after a short sale (not using their flex program, just getting a regular loan) and they are FANTASTIC. Ask for Chriss, he is wonderful.
Flag Tue May 21, 2013
I am currently using CFS Mortgage after a short sale (not using their flex program, just getting a regular loan) and they are FANTASTIC. Ask for Chriss, he is wonderful.
Flag Tue May 21, 2013
I am currently using CFS Mortgage after a short sale (not using their flex program, just getting a regular loan) and they are FANTASTIC. Ask for Chriss, he is wonderful.
Flag Tue May 21, 2013
I am currently using CFS Mortgage after a short sale (not using their flex program, just getting a regular loan) and they are FANTASTIC. Ask for Chriss, he is wonderful.
Flag Tue May 21, 2013
Greg Herman, Mortgage Broker Or Lender, Oakland, CA
Wed Apr 17, 2013
Charlie if you reread my post you will find the only loan available one day after a short sale is FHA. There are restrictions that comes with this but the interest rate is no different.
0 votes
That's only if you have no lates prior to short sale. We all know how extremely difficult it is to secure a short sale without ever being late.

However, technically a USDA guaranteed loan could be available 1 day after short sale. There is no documented required waiting period after a short sale even with lates on your credit report. Finding an investor that will go along with this is however another story. The only one I know of is Chase Rural.
Flag Wed Apr 17, 2013
Charlie Baum, Home Buyer, Exton, PA
Wed Apr 17, 2013
I'd love to hear the interest rate on that doozy of a program. Yikes.
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Andy Brown, Mortgage Broker Or Lender, Carlsbad, CA
Tue Apr 16, 2013
I have short sale financing for 1 day after a short sale or foreclosure.
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Greg Herman, Mortgage Broker Or Lender, Oakland, CA
Sat Mar 30, 2013
Here is an update to this answer. With VA, regardless of lates prior to the shortsale, you are able to purchase. On conventional, you can purchase after 2 years even if the credit bureaus mistakenly show you with a foreclosure. Many lenders can't work with this however I am able to do this type of loan.

The only time you can repurchase 1 day after is if you do not have any mortgage lates leading up to your shortsale and you were not in default. There also are repurchase restrictions per HUD regarding this as well.

Many lenders have guideline overlays that restrict what they are able to do. These are mostly banks and credit unions however smaller mortgage bankers also have additional restrictions as well. Being direct has it's advantages. I hope this helps.
0 votes
Charlie Baum, Home Buyer, Exton, PA
Sat Mar 30, 2013
Jim, unfortunately since you missed payments you're looking at a 3 year wait most likely. Unless you qualify for a USDA guaranteed loan (income and property has to qualify) and find a mortgage company (chase rural) that doesn't have overlay, you're going to be waiting 3 years. Find a rental and just wait it out.
0 votes
Greg Herman, Mortgage Broker Or Lender, Oakland, CA
Thu Jan 17, 2013
What kind of loan did you do a short sale on? Conventional? FHA? VA? This does have some bearance on going forward as government loans may have different dates and clearances.

Also what I am finding is those borrowers who went through s short sale and had a first and a second are running into issues due to the credit reporting of the short sale. After numerous hours of research I've been able to cure this where other lenders are not able to do so. The credit report triggers the DU underwriting to show your credit as a foreclosure rather than a settled account or short sale.

Generally 2 years on VA, 3 on FHA for a short sale. I work for a mortgage banker and am able to handle all of the California area. With 27 yrs of experience in lending, I'm sure I've got the answers to help you move forward.

Greg Herman
South Pacific Financial Corp
0 votes
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