Short sale closed on October 30, 2010...When would be a good time to begin looking for a FHA loan to buy a new house?

Asked by Kelley S, Tampa, FL Tue Apr 2, 2013

My husband and I short saled on a house in 2010. It closed on October 30th. We'd like to buy again with a FHA loan. When would be the best time to begin looking for a FHA loan?

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Lisa Welsh, Agent, Rocklin, CA
Fri Jun 14, 2013
Typically 3 years, A mortgage consultant can help you better there. I have some investors willing to do a "BRIDGE LOAN" until you qualify to refinance your home. But it would require more than 3.5% down.
0 votes
Tony Warfield, Agent, Manhattan Beach, CA
Tue Apr 2, 2013
You may not be eligible for an FHA loan quite yet. Are you looking at FHA financing because of the low down payment? If so, some lenders are doing 5% down conventional financing.
0 votes
Do we have to wait 3 years for conventional financing?
Flag Thu Apr 4, 2013
Gregorio Den…, , San Diego, CA
Tue Apr 2, 2013
You need to specify the reasons for your short sale and the circumstances surrounding it. I understand you may not want to do that online, but having that information is essential to answering your question accurately. Please see a licensed California loan originator.
Web Reference:  http://WeFixRates.Com
0 votes
, ,
Tue Apr 2, 2013
Unless 36 months have passed, you are not eligible for a new FHA mortgage
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Jesse Coffey, Agent, Roseville, CA
Tue Apr 2, 2013
Typically there is a 3 year waiting period, but it is best to speak with a lender to be sure. Sometimes creditors don't report the correct date or report it as a foreclosure instead of a short sale. In these situations the lender can assist you with correcting your credit reports.

Jesse Coffey
Keller Williams Realty
548 Gibson Dr. Ste 200
Roseville, Ca. 95678
Ph (916) 872-7775
Fax (916) 960-4594
0 votes
, ,
Tue Apr 2, 2013
November of this year unless you didn't have late payments on your mortgage or installment debt in the 12 months preceding the short sale. Then you don't have to wait at all. See the web reference.
0 votes
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