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How long do my wife and I have to wait to purchase a home after we both have short sales 2 years ago?

by rolo74105 from Frisco, Texas. May 16th 2017 Reply


Cody Velkovich (Cody_NRL)
#167 ranked lender in Texas - 89 contributions

The standard FHA rule is that you may not proceed with an FHA-insured mortgage loan until three years from the date of the pre-foreclosure sale. There are some programs that can get you eligible in as little as 12 months, but that would require a "economic event" that caused you to lose a certain percentage of your income for at least six months, causing the housing issue.Hope this helps and let me know if I can be of any more assistance to y'all.

May 16th 2017
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 7,874 contributions

FHA says 12 months, or 3 years.. depending on the circumstance... ( the 12 month is called "Back to Work" and has some pretty strict guidelines.. few that apply actually get approved). For VA it's 2 years, but most lenders will make you wait 3.. for USDA and Conventional it's 4 years. I'm a preferred Lender with California and Arizona and being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

May 16th 2017
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Larry Gray (lgray_312_247)
#565 ranked lender in California - 1,127 contributions

You can buy now providing you meet minimum credit requirements otherwise, and other qualifying criteria. The minimum down payment is 20%. Rate is a bit higherthan the standard conventional loan or FHA. If you contact me via my profile I cancheck for someone licensed to do loans in Texas from our company. I know we are in a number of States and growing but not all.

May 17th 2017
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,483 contributions

All depends on what type of new loan you will be using. Go to http://joemetzler.com/waiting-period-after-foreclosure-short-sale-or-bankruptcy.htm to check.

May 19th 2017
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John Burke (jburke)
#1 ranked lender in Texas - 187 contributions

Hi Rolo,It depends on the lender & the loan program. FHA does have some flexibility. For example: If you were not late on the mortgage payment in the 12 months leading up to the short sale, you may be eligible 1 year after the sale date. If you're eligible for a VA loan, the wait is 1 - 2 years depending on whether or not you were late on the mortgage prior to the short sale. | Please feel free to contact me for more information or help. | John Burke | Senior Mortgage Banker | Great Plains National Bank http://www.valoansdoneright.com | (877)228-9069 | Lending in ALL 50 states

May 22nd 2017
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