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Can I get a loan after 2 years of a short sale closing in TX?

by gregory_09279 from Mont Belvieu, Texas. Nov 25th 2015 Reply


Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,225 contributions

Unless you had a really serious issue you can document (loss of a job ot serious illness or death of someone who lived in the home) the only option I know of would be if you are eligible for a VA mortgage, or possibly USDA if the mortgage had been current for 12 months prior to the short sale (which is virtually unheard of). Otherwise, plan on 3 years minimum from the time title to the property was actually transferred and recorded (just had situation like that closed last week).

Nov 29th 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,933 contributions

More than likely, No!. For conventional financing, you need to wait 4 years unless you meet the "extenuating circumstances guidelines" exception (very few actually do), then you can do 2 years.. this is assuming you meet all other eligibility requirements such as minimum acceptable credit scores, income, and debt ratios.. Also, with enough down payment, there are some "Non-Conforming" loan products that will finance you right now.. and if you wait a year, you can go FHA... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Nov 30th 2015
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