can i buy a house, if i just had a shortsale in another state about 1.5 years ago?

Asked by Gio Passino, G.L. Lowery Industrial Park, Groveport, OH Sat Jan 26, 2013

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Shane Milne’s answer
Shane Milne, Mortgage Broker Or Lender, South Jordan, UT
Sat Jan 26, 2013
If you are qualifying for an conforming mortgage, which most people refer to as a conventional mortgage, then you'll need to wait anywhere from 2 to 7 years depends on how much of a down payment you have. Conforming loan programs are loans made under Fannie Mae & Freddie Mac guidelines - which are a type of conventional mortgage (the most popular & common type of conventional mortgage). If you have 20% down then it's just a 2-year wait, 10% down a 4-year wait, and with less than that (as little as 3% down) it's a 7 year wait. If there are extenuating circumstances, then at the 2-year mark it's just a 10% down requirement.

See https://www.fanniemae.com/content/announcement/sel1005.pdf for the official guidelines

FHA financing has a 3-year waiting requirement, however less than 3 years (as little as 1 day) is permissible if you weren't in default on your mortgage on the time of short sale, weren't late on the mortgage or other installment debt (car loan, student loans, personal loans) for the 12 months prior to the short sale, and aren't taking advantage of declining market conditions by buying a similar or superior home in the same commuting area. Exceptions to being in default can be made (but rarely are) if there are extenuating circumstances surrounding the short sale. FHA financing can be done with just 3.5% down, no matter if someone has ever had a short sale or not.

Shane Milne | Lending in all 50 states | NMLS #81195
0 votes
Kawain Payne, Agent, Seal Beach, CA
Thu Jun 26, 2014
Most lenders will want your short sale to be at least two old.

Best of luck to you!

Kawain Payne, Realtor
0 votes
Diana Rosero, Agent, Burbank, CA
Mon Mar 24, 2014
Hi Gio!

Nice to meet you. Yes, you can absolutely purchase a home even if you had a short sale. The general rule is that the short sale must have closed a year ago or more. However, I have even seen it done after 6 months. There are many factors that go into repurchasing after a short sale so it is important to work with a lender who knows what they are doing. If there is anything else I can help you with, please feel free to let me know.

All the best!


Diana Rosero
Prime Partners @ Keller Williams Realty
CalBre# 01806901
Direct: 818.859.9930
Fax: 818.301.7488
Diana@DianaRosero.com
http://www.PrimePartnersRealty.com
0 votes
Aleksandr St…, Both Buyer And Seller, Los Angeles, CA
Mon Mar 24, 2014
i have inventory of owner financing homes or rent to own homesw nationwide call me 818-317-6880
0 votes
Lanre Folayan, Agent, Washington, DC
Mon Mar 24, 2014
Hello Gio,


Here is the link about the FHA Back to work Program http://backtoworkprogram.org/. And if you are in the market to buy a house for sale in Groveport OH and need a referral for a real estate agent,I can definitely help you find one. Please don't hesitate to call 202-378-0283 or text me at your earliest convenience. http://www.buyandsellnewhomes.com
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