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Asked by Mscotslassie, San Diego, CA Mon May 27, 2013

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cortneykelle…, Home Buyer, 27932
Sun Dec 29, 2013
FHA Back To Work Program waives Foreclosure, Bankruptcy, And Short Sale waiting periods. Borrowers who lost their homes due to foreclosure no longer have to wait 3 years to apply for a new loan.Check out for more details.
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Harold Lear, Agent, San Diego, CA
Tue Dec 24, 2013
Our credit repair program can remove the Foreclosure permanently.
We can also remove any derogatory item Bankruptcy, Judgement, Repos, late payments.
The process takes 30 to 45 days and its Guaranteed. If we can't do what we say we can do you get your money back.
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Melody Pevat…, Agent, Conroe, TX
Wed Dec 4, 2013
Many lenders will allow you to purchase after two years. It's all situational though... You credit approval will be based on many things (like current FICO, money down, and how the short sale was written off) so it's really best to sit down and talk with a professional lender. Give me a call if you'd like a referral to a reputable preferred lender of mine! My contact info is listed below... :) -Melody

Melody Pevateaux, Realtor
BRE #01907435
Century 21 Award
(619) 302-6311

Licensed in Hawaii and California
0 votes
Dennis Evans, Agent, Clifton Park, NY
Wed Dec 4, 2013
My advice is to actually go to your local bank or mortgage company, explain your situation and they can tell you what programs they have in place for you.
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Barbara Magu…, Agent, Del Mar, CA
Wed Dec 4, 2013
As you can see by all the responses, thier are multiple new programs offered at this time. Lenders are taking in the entire reason for the short sale, the buyers current situation and then offering the best possbile loan at this time. I have a great in-house lender that can pre-qual if you would like.

Barbara Maguire
Pacific Sotheby's International Realty
0 votes
, ,
Sat Nov 9, 2013
We can do it right away if you can prove that you took a 20% paycut at work and now are back to 100% of your normal pay. For mortgage help, call or email for a free pre-approval in less than 10 minutes. We lend our own money and are licensed in 49 states.

We can do: FHA, Conventional, USDA, VA, HARP, Interest Only, Home Equity, Fixed, and Variable. Find out which product is right for you by calling Brad at (855) 415-5626.

Brad Neumann
Sr. Loan Officer
Crosscountry Mortgage Inc.
Toll Free: (855) 415-5626 ext. 5734
NMLS# 948036
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Coole Home, Agent, San Diego, CA
Wed Oct 2, 2013
It depends on the loan program and your credit at the time of the sale.
If you were in default, the minimum would be 24 months with a VA Loan, 36 months with an FHA loan and longer if it is a conventional loan.

If you were current, there is no waiting period.
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gerald.sdre, , San Diego, CA
Tue Oct 1, 2013
0 votes
, ,
Tue Oct 1, 2013
If you were 30 days late on your mortgage payment within the 12 months preceding the short sale, then you must wait 3 years.
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, ,
Tue Oct 1, 2013
I have a great portfolio program designed specifically for folks who have had a foreclosure, short sale or deed in lieu.

NO SEASONING involved. A 660 credit score with a minimum of 20% down up to $1MM loan amount in California.

This program (2nd Chance / Expanded Criteria) is designed for the purchase of a primary residence located in California. Feel free to reach out if you have any questions about the rates or terms.

Paul Watkins
0 votes
Maria Cipoll…, Agent, Coral Springs, FL
Mon Sep 30, 2013
Shop around for a mortgage broker that can explore all your financing status and advice you properly. Mortgage brokers have access to many banks, private lenders and different programs.

It is not surprise that if you have more than 20% down in your account already and closing costs, it will be easier for most lenders to give you a mortgage loan.

Best of Luck,

Maria Cipollone
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Robert Chome…, , San Diego, CA
Sat Jul 27, 2013
If you have 20% down there is now NO wait at all. You can literally buy the next day after your short sale closes. I have a new portfolio loan program that requires no wait after short sale or foreclosure.

If you want to go less than 20% down you will have to wait 3 years to get a FHA loan.
0 votes
That sounds like a great program. Whats your fico requirement for this program?
Flag Tue Aug 13, 2013
I tried getting a loan with two lenders: BCU and Wells Fargo and they told me four years.
Flag Tue Jul 30, 2013
Rene' De Bla…, , San Diego, CA
Thu Jul 25, 2013
In cases of a medical hardship or relocation due to job change/loss, FHA has waived the waiting period.

Here are the qualifying guidelines for this program:

1) Homeowner must have been current on their mortgage and all other credit obligations for the 12 months leading up to their short sale.

2) Homeowners must document “hardship” defined as:

a) Job loss and subsequent job transfer/relocation.
b) Catastrophic medical bills (and/or a death in the family) incurred by a member of the borrower’s “nuclear family.”

3) They must be downsizing and relocating to another area.

4) Credit scores must be above 620 and any outstanding collections (i.e. medical bills) need to be paid in full through escrow at close of escrow.
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Rene' De Bla…, , San Diego, CA
Thu Jul 25, 2013
There is a new guideline with FHA that allows you to do a short sale on your current property, then purchase a new home as a primary residence. However, there are some restrictions and (documentation) requirements.
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, ,
Sat Jun 15, 2013
Here is what it is EXACTLY:

1) For a Conventional Loan with 20% down, 2 years after Short Sale
2) For a Conventional Loan with 10% down, 4 years after Short Sale
3) For a Conventional Loan with less than 10% down, 7 years after Short Sale

Items 1-3 refer to FannieMae treatment of required waiting periods for a Short Sale. FreddieMac is slightly different...but to my knowledge every lender defaults to Fannie Mae guidelines as referenced above.

4) FHA loan with 3.5% downpayment, 3 years after a short sale
***Exception available to 1 day after a short sale IF you completed a short sale WITHOUT being late on the mortgage. Since that rarely is able to happen, not likely.

5) VA loan, 2 years after a short sale

6) There is a Portfolio Lender allowing you to get a loan 1 day after a short sale with a 25% down payment and slightly higher interest rates.

Brendan Bracken
California DRE#01259687
Web Reference:
0 votes
Good info, Brendan. Glad you qualified it by saying "exactly". Is this true for every lender?
Flag Sat Jun 15, 2013
Stef Seper, Agent, San Diego, CA
Thu Jun 6, 2013
Great question! The answer has changed over the years, but for now:
* Conventional, 20% or more downpayment, you may buy tomorrow :)
* Conventional, 20% downpayment or less, up to 3 years;
* FHA, up to 2 years;
* VA, varies with downpayment amount.
I will be glad to get you started, Steve
Broker/Owner, Balboa Park Realty
California License #01730524
0 votes
Hector Gaste…, Agent, Coronado, CA
Wed May 29, 2013
Give me a call, you may not need to wait at all.

Hector Gastelum
Realty Executives Dillon
REALTOR #01382940
0 votes
Bill Stuart, Agent, Del Mar, CA
Wed May 29, 2013
Today's mortgage lenders are more individualized than ever. Meaning that in some scenarios one may actually qualify 1 day after a short sale, and yet others must wait 2 years and still not qualify. Sorry to be so open ended with my answer. There's just not a standard practice in place yet.

The best advice you could receive is to seek out a professional mortgage planner. Someone who is equipped to assess your "current" loan and buying qualifications, and simulate the same 6 months out, 1 year, and 2 years out. There's a lot to be considered.

Don't be shy to ask them for the number of clients (with your similar scenario) they have recently helped, and what "exactly" did they do for them. Then verify it the best you can.

Bill Stuart, Broker/Officer, Realtor®, Certified Short Sale Resource, CNE®
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, ,
Wed May 29, 2013
Everyone's scenario is different. Having said that, I have been able to help many former homeowners purchase another home right after a short sale depending on the circumstances. Others have to wait as short as (1) year and others longer. It just depends if they filed BK or not, or how late mortgage payments they had accumulated before closing. Some need credit repair and others don't. Please feel free to read my blog on the subject my clicking on the link below and more importantly the comments from my past clients. Many of these people were told they had to wait as long as 7 years by other Loan Officers and yet I was able to them much sooner. Please don't hesitate to contact me direct if you require further guidance.

Best of Luck!…
Web Reference:
0 votes
Santiago Ken…, Agent, Chicago, IL
Tue May 28, 2013
2 years but depend of the investor
0 votes
, ,
Tue May 28, 2013
It all depends on the reasons behind the short sale and whether or not you were delinquent on the mortgage leading up to the short sale.

FHA is usually the most forgiving. Generally, if you were late on your mortgage payment or other installment debts at all within the 12 months preceding the short sale, then you would have to wait 3 years to apply for FHA financing. If the default was due to a death of a primary wage earner or long term uninsured illness and prior to this you had a good payment history then a lender can make an acception.

For conventional financing, you need to wait between 2 and 7 years to apply for a new loan. The waiting period is based on your down payment for teh new loan. 2 years requires a 20% down payment. You can do it in 4 years with a 10% down payment. And if you want to do a 5% down loan then you'd need to wait 7 years.

Hope this helps!
0 votes
Cory La Scala, Agent, San Diego, CA
Mon May 27, 2013
Hi there,

You've received the information you need regarding buying after a short sale, but I also recommend San Diego Funding. l use Linnea Arrington or Deja Correia, but I suspect anyone at SDF will be great.

Warm Regards,

Cory La Scala, REALTOR
Independence Realty
Lic # 01443391
0 votes
Frederick Re…, Agent, SAN DIEGO, CA
Mon May 27, 2013
Hi, I personally had a short sale about 5 years ago and was able to buy about 6 months after. It takes the right loan program and a great Realtor to find you the right property. You can call me now if you want to discuss and see what is out there.

Frederick Remick
Keller Williams RE
0 votes
Rashard Scott, Agent, San Diego, CA
Mon May 27, 2013
Typically 2 years if you were not late on payments, but it varies from the type of loan you had. Please feel free to contact me to discuss your specific situation. Thank you for your time and I look forward to hearing from you soon!

Rashard Scott
RBD Residential

Search for free at

CA DRE# 01703306
0 votes
Hector Gaste…, Agent, Coronado, CA
Mon May 27, 2013
I have seen transactions close simultaneously, some wait 6, 24 or up to 36 months. Give me a call or email so we can start working together

Hector R. Gastelum
Realty Executives Dillon
REALTOR #01382940
619-954-2225 efax 619-270-2516
0 votes
Barbara Magu…, Agent, Del Mar, CA
Mon May 27, 2013
there is no patient answer,each situation is different. if you would like call me and i will go over your options.

0 votes
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