Home loan after shortsale

Asked by lindagwynne, Depew, NY Thu Jul 12, 2012

I had to shortsale my house about 2.5 years ago due to a divorce. At the time I was living in CA where home prices are much higher. I want to purchase a new home but don't know if I have any options. Unfortunately, I can put some money down, but more like 10%, not the 20% that I know it typically looked for.

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, ,
Wed Jul 18, 2012
Hi Linda,

Since you were late on the mortgage payments, you'll have to wait until you're 3 years out from the date of your sale. The good news here is that you didn't have an FHA mortgage on that home because your 3 year wait starts from when FHA actually paid the claim. You can get a conventional with 20% down after 2 years but it doesn't sound like that's an option for you right now.
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Maria Cipoll…, Agent, Coral Springs, FL
Fri Feb 13, 2015

Contact a real estate agent in your area for the right advice. He or she need to know all the details about your financial situation.

Best of Luck,

Maria cipollone
J C Realty group, Inc
0 votes
lindagwynne, Home Buyer, Depew, NY
Tue Jul 17, 2012
We had a 30yr fixed. We actually had a first and second (100% financed). We were told that in order to do a short sale we had to stop paying the mortgage so we were behind on those. I was not late on anything other payments.
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, ,
Tue Jul 17, 2012
Hi Linda,

Were you late on the mortgage payments or any other consumer debt leading up to your short sale?

What type of loan did you have at the time?
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Anna M Brocco, Agent, Williston Park, NY
Fri Jul 13, 2012
For a personalized answer regarding any options you may have, do visit with any licensed loan officer; be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously.
0 votes
, ,
Thu Jul 12, 2012
Unless you live in a Suburban or Rural (see USDA Map) you only need to wait 6 more months in order to FHA. For more further information click on the link:

Best of Luck!
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