Thanks Chris, the loan was with Chase and our scores are between 706 and 732. I need to know if it's 2 or 3 yrs.

Asked by Melvin Vandehei, Elgin, IL Thu Sep 27, 2012

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Greg Herman, Mortgage Broker Or Lender, Oakland, CA
Thu Sep 27, 2012
Hi Melvin!
The answers below were correct regarding VA as it is 2yrs. FHA is 3 yrs unless you were not late and you meet the other criteria for the new loan. Conventional has a tiered matrix:

2yrs = 80% LTV/CLTV
4yrs = 90% LTV/CLTV
7yrs = per the eligibility matrix

There is an exception regarding the 90% to be lowered to 2yrs however it is a case by case scenario. I've been lending for 27yrs and if you wish to tap my knowledge more, please contact me at your leisure.
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Valli Lopez, Agent, San Diego, CA
Thu Sep 27, 2012
We can do it right away if you didn't have any mortgage lates leading up to the short sale. Assuming you did have lates, it would be 2 years for FHA or VA loans. And your credit score definitely helps the case if it's not more than 2 exactly to get an exception.

Best of Luck to you. I will be showing property in Temecula on Saturday if you'd like to meet and discuss this in person.

Thank you,

Valli Lopez
619.916.9595 cell
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Robin Zapata, Agent, Temecula, CA
Thu Sep 27, 2012
Hi Melvin,--

In my experience as a buyer's agent, I have found that it depends on the type of loan that you are using to purchase the new property. With a VA loan, you usually have a 2 year waiting period, FHA loans require 3 years and conventional loans require 4. I suggest speaking with a good lender. Robert Chomentowski of Affinity Financial is very knowledgable when it comes to various loan types. You can contact him at

Good luck!

Robin Zapata
Century 21 Award
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