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How long do I have to wait after a short sale to get a mortgage..

what is the typical wait period. My credit is about 650 so i'm doing alright by sarahme0099789 from Kilauea, Hawaii. Mar 13th 2015 Reply


Dan Paladin (dpaladin)
#1 ranked lender in California - 448 contributions

FHA is 36 months. Conventional is typically 48 months though there are some circumstances when that could be less.Check with your local mortgage banker.Good luck!

Mar 13th 2015
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Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,109 contributions

It depends on what loan program you go with. With FHA and VA you can purchase with no waiting period if you had zero 30-day mortgage late payments in the previous 12 months prior to the short sale. With Conventional you will need to wait 4 years. I would speak with a local loan officer and find out what your options are. Best wishes, Sean

Mar 14th 2015
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Phil Dumouchel (PhilDu)
#1 ranked lender in South Carolina - 2,228 contributions

Dan hit it right, 3 yrs FHA and 4 conventional. VA can be a bit more flexible if you happen to be eligible for that option. All will want you to have re-established credit. With a 650 score FHA is likely a better option

Mar 15th 2015
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Phil Dumouchel (PhilDu)
#1 ranked lender in South Carolina - 2,228 contributions

PS> If you qualify, VA will be the best option and Sean's info is correct about payment history but rarely seems to be the case.

Mar 15th 2015
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Brian Napierala (bnapierala)
#1010 ranked lender in California - 6 contributions

Depending on how your overall credit looks, we, at Velocity, will consider a new mortgage, 12 months after a foreclosure.We are a Stated Income lender and we lend nationwide

Mar 16th 2015
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,041 contributions

Depending on the circumstances, FHA has a program where you can apply right away or after 12 months.. guidelines are strict, so it's important to talk to a loan officer familiar with the program guidelines.. if you don't qualify for these exceptions, then 3 years would be the minimum wait time for FHA & USDA, 4 years for conventional. and VA is 2 years, but you must have VA benefits available to use this financing option. 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

Mar 16th 2015
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