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I had a short sale in 2012 and have now built my credit back up to 720. Can I get a loan with only 75 down?

by tomictom739 from San Antonio, Texas. 14 days ago Reply


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

Conventional standard seasoning for a short sale is 4 yrs and FHA is 3 yrs. So you should be able to qualify with standard down payments based on your income to debt ratio. Consult with your local mortgage banker and they will be able to provide more detailed info to your specific situation. Merry Christmas!!

14 days ago
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,044 contributions

The longest mandatory waiting period on conforming loans, (FHA, VA, USDA, Conventional) for a short sale is 4 years.. you are past that.. So depending on how much you have for a down payment.. and what sales price you are looking in.. the loan programs could vary.. The best advice I can give you is to contact a mortgage banker/broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with a Banker/Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the banker/broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the big box banks. I'm a preferred Lender with California and Arizona 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

14 days ago
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Richard Woodward (RichardWoodward)
#3 ranked lender in Texas - 102 contributions

Yes you definitely can get a mortgage if your income supports the purchase price you're looking for. There are even zero down programs that could work for you. I would be happy to review your situation should you have any additional questions.

13 days ago
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