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I did a short sale 3 years ago. Do i qualify for a mortgage now?

I do have 20% to put as down payment for a house at $219,500. by ChristinaKoscuik568 from Naperville, Illinois. Nov 20th 2013 Reply


Christina, 3 yrs is enough but the catch is the property has to have been out of your name for 3 yrs. Please give me a call if you want to get pre-approved. Thank you , Anthony Battista815-260-9728Tony@greatmortgagecompany.com

Nov 20th 2013
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Christopher Jones (chrisjonesmtg)
#25 ranked lender in Illinois - 31 contributions

You can be 2 years out of short sale with 20% down with conventional financing. FHA requires 3 years from the completion date. Call me if you would like a preapproval at 312-505-9949. Chris Jones, Guaranteed Rate, Christopher.jones@guaranteedrate.com

Nov 20th 2013
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James Barath (JamesBarath)
#10 ranked lender in Indiana - 351 contributions

Yes you can and you would not necessarily need 20% down. Depending on the property location and loan program, you maybe eligible for multiple home loan options. If you would like to discuss your specific situation, please contact me and I would be happy to discuss your home loan options. Happy Home Shopping!

Nov 20th 2013
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Bert Carpenter (BertCarpenter)
#38 ranked lender in Arizona - 1,819 contributions

Probably. If you are putting 20 % down and are at least two years from the date the short sale closed escrow, then the short sale would not be held against you in the underwriting process. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Certified by the National Association of Mortgage Professionals and Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Nov 20th 2013
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John Beman (AmFirstLending)
#554 ranked lender in California - 38 contributions

With 20% down the requirement is a 2 year waiting period from the time of your short sale to the application date for your new loan. The waiting period is longer for less down payment and for an FHA loan. Your in good shape! Good luck!

Nov 20th 2013
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

You should be fine, with improved credit.

Nov 20th 2013
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,237 contributions

Probably, depending on the other details of your application and qualificaitons.

Nov 20th 2013
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,550 contributions

conforming guidelines require 2 years post short sale with 20% down.. you have met that mandatory waiting period.. you would still have to qualify with credit, income and ratios, so it's not a guarantee, but you can absolutely apply now.. .. 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. 480-287-5714 WilliamAcres.com

Nov 20th 2013
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Barclay Butler (Barclay)
#1 ranked lender in Illinois - 71 contributions

FHA financing will allow you to buy after 1 yr, with extenuationg circumstances. If not you can go FHA after 3 yrs. Call or emal me I am located in East Dundee IL. 224-420-9990 or bbutler@barclaybutlerfinancial.com. Barclay Butler Financial Inc.

Nov 20th 2013
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