How long after having a Short Sale can you get a new loan?

Asked by Onesls, 97504 Thu Mar 8, 2012

Are there any special requirements, i.e. amt. of down payment, credit score, etc.?

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Anna M Brocco’s answer
Anna M Brocco, Agent, Williston Park, NY
Thu Mar 8, 2012
Generally it can take anywhere from two to seven years; much will depend on the circumstances that led to the short sale, the type of loan, downpayment amount, current income, credit, debt, etc.; for a personalized answer visit with any licensed loan officer....
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Al Perry, Agent, Philadelphia, PA
Thu Dec 13, 2012
I am happy to say that a couple of weeks ago one of our Clients settled on a purchase three years and two months after short selling their previous home. They reestablished their credit and received an FHA mortgage for their purchase. FHA underwriting guidelines currently require three years between short sale and purchase. Other loan options may exist but to the best of my knowledge, FHA loans are the most flexible in this situation.
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David Peck, Agent, Portland, OR
Thu Dec 13, 2012
Current guidelines are 2-3 years depending in the loan product used and the type of short sale that occurred.

Down payment, credit score, etc. depends on the loan type that you want to use when you go to purchase. A higher down and credit score is always a good thing when purchasing.

If you need further assistance, you can contact me at:

I'm in Canby and service the Wilsonville area.
0 votes
Ron Thomas, Agent, Fresno, CA
Thu Mar 8, 2012
The word on the grapevine is; two years.
The thing is; this is not a LAW or a directive. It probably has never seen print, particularly in a government office.
I totally expect the Lenders to be flexible with this, particularly when they need to find new clients for their loans.
You can use the two years to save some money and rebuild your credit.

Good luck and may God bless
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