last year i did short sale on my second mortgage in IL with no late payments. Now want to buy Dallas, is there wait period for conventional / FHA?

Asked by minamamer, Dallas, TX Mon Jul 15, 2013

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Celine F’s answer
Celine F, , Louisiana
Thu Mar 13, 2014
Shortsale record will most likely show up on your credit report and that is a red flag for some lenders. It affects your ability to get a loan at the best possible rates and terms you can get. Go to and fix your credit there by doing it yourself.
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, ,
Sat Aug 24, 2013
No waiting period for FHA, VA, or USDA. Conventional waiting period is 2 years w/ 20% down.

George Raymondo
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Joycelewis412, Home Buyer, Sacramento, CA
Sat Aug 24, 2013
With FHA, you can purchase right away with no mortgage default.

Check if you qualify for a mortgage. Try
0 votes
Susie Kay, Agent, Dallas, TX
Thu Jul 25, 2013

Susie Kay, Realtor®
United Real Estate
III Lincoln Centre, 5430 LBJ Freeway #280
Dallas, TX 78240

Servicing your real estate need is my priority!
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minamamer, Home Buyer, Dallas, TX
Wed Jul 24, 2013
The wait period is 24months for Conventional and there is NO wait period for FHA loans. If you settle your loan for less (as is my case) and have no defaults or late payments then you dont have to wait for FHA loan.
Thanks to all the good people who answered my question. I have been pre-approved for a FHA loan.
0 votes
, ,
Wed Jul 24, 2013
Short sale are treated as a foreclosure with most lenders and you will have to wait 3 years for FHA financing and Conventional Financing is 48+ months with some lenders.

Joel Lobb (NMLS#57916)
Senior Loan Officer
502-905-3708 cell
502-813-2795 fax

Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*
0 votes
, ,
Wed Jul 17, 2013
Was the loan conventional or FHA?
No waiting period if their is no CAIVRS issues.
John Burke's advice is accurate.

Tom Burris
Mortgage Banker
(214) 763-4629 cell/text/nights/weekends(Really!!)
Lending all across the entire Great State of Texas!!
NMLS# 335055
Search Dallas area MLS for FREE. No registration =>
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Kenneth "Ken…, Agent, Dallas, TX
Mon Jul 15, 2013
It is really better for you to talk with any Lender of your choice in the area you want to buy. Then you get real HARD answers.
0 votes
, ,
Mon Jul 15, 2013
Hi Minamamer,

Yes there is a 2 year wait for conventional & you would need 20% down.

FHA requires a 3 year wait IF you were late on the mortgage or any other consumer debt in the 12 months preceding the short sale so Dixon & Mary Kay are only partially right. We already know that you were not late on the mortgage so as long as you were not late on anything else, you may be eligible for an FHA mortgage right now.

Please feel free to contact me for more information or help.

John Burke
Senior Mortgage Banker
Peoples Bank & Trust Co.
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Dixon Wong, Agent, Dallas, TX
Mon Jul 15, 2013
Hi Minamamer,

You have to wait 2 years prior to get a FHA loan and longer for conventional loan.

You can start looking by end of this year tho

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, ,
Mon Jul 15, 2013
The waiting period for a shortsale after it's completion is 2 years with Fannie Mae loan with 80% downpayment, no late payments uring this 24 month timeframe. FHA is 3 years.

Wait a year and rent, save your money for 20% downpayment and call me next year!

Mary Kay Laurent
Associate Vice President of Mortgage Lending

o: 773.516.6859 - m: 312.403.4150 - f: 773.516.6014
0 votes
Hi Mary


My second loan mortgage company approached me offering to payoff the loan if i bring 70% to the table. I took the oppurtunity. I have no late payments and was current till the payoff.
I think they offered the deal because of federal lawsuits against them for the way they closed some mortgages.
This was way back in July 2012. What do you think are my options? They however posted on my credit that "settled for less than full payment".


Flag Mon Jul 15, 2013
Dallas Texas, Agent, Dallas, TN
Mon Jul 15, 2013
There are a ton of questions require be answered .

1. Did you sell your home ?
2. Do you still own a home in IL?
3. Short sale your second mortgage ? I would assume there is some negative comment on your credit report although on late payments.
4. Typically lenders have a 2 year wait.

Contact my office today further discuss the particulars _________________________________________
Lynn911 Dallas Realtor & Consultant
Multimillion Dollar Sales Producer
972-699-9111 100's of Dallas homes listed for sale or lease

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(If my answer is helpful indicate by THUMBS UP or BEST ANSWER. Thank you )
0 votes
Andrew Smith, Agent, Addison, TX
Mon Jul 15, 2013
I know I great lender if you would like for me to give you his information. People tell me he always gets their questions answered!
(214) 686-1507
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Suzanne MacD…, Agent, Succasunna, NJ
Mon Jul 15, 2013
If you did not have any late payments, I would suggest you talk to a local mortgage lender in Dallas. There is a good chance any waiting period will not apply since there were no late payments. If you don't know a local lender, call a realtor and ask to be referred.
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