Mortgage Broker Or Lender, Southfield, MI
Mon Jun 3, 2013
1 year is the absolute soonest, and this is only if you had no mortgage lates within the 12 months preceding the short sale. Otherwise it is a 3 year wait for a VA or FHA loan or between 2 and 7 years for Conventional. 2 years requires a 20% down payment, 4 years if you only have a 10% down payment, and 7 years if you want to do 5% down.
Generally after a short sale it takes at least a year or more to be able to get qualified for a new mortgage. It also depends on how the remaining balance was treated & if there was a 2nd mortgage involved. There are several options: one is owner financing, another is lease with a purchase option. Please let me know if I can be of assistance or you need more information.