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I need to get a mortgage but I had a short sale 2 years ago.

by pohlmank934 from Oceanside, New York. Sep 9th 2014 Reply


I need to get a mortgage but I had a short sale 2 years ago

Sep 9th 2014
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Barb Lanis (BarbLanis)
#71 ranked lender in Illinois - 662 contributions

The shortest wait period after a short sale is 3 years using an FHA loan. If you must do it sooner, then you could look for a hard-money lender.

Sep 9th 2014
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Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,109 contributions

If you had no mortgage late payments for the previous 12 months prior to your short sale you may be able to qualify for an FHA or VA home right away. VA requires two years from the date of the short sale, FHA and USDA normally require 3 years from the sale date. Conventional you will have to wait 4 years.

Sep 9th 2014
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Dave Metsker (DaveMetsker)
#38 ranked lender in Oregon - 2,317 contributions

If it was not a FHA loan, you may be able to get a new FHA loan right away.

Sep 9th 2014
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SHAHROKH CHARLES BEROKHIM (mortgageusa)
#90 ranked lender in New York - 66 contributions

you should have no problem.

Sep 10th 2014
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,568 contributions

Generally speaking, your minimum wait time is 3-years after the home was no longer in your name. There are a few exceptions to that rule (VA loans are only 2-years, and FHA has a nice potential option if you had no late payments on the home, and had to move out of the area for example), but most of them require you to meet an very difficult extenuating circumstance requirement. Almost no one ever gets those, regardless of your reason. Contact a local mortgage broker in your area to see if you can meet any of the less than 3-year requirements

Sep 10th 2014
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,045 contributions

The guidelines just changed on the 16th of last month. Conventional financing now requires a 4 year waiting period for borrowers with a short sale. FHA has a few programs that might help, but the guidelines are very strict and your limited to FHA loan limits. To find out if you actually qualify, then the best suggestion I can give you would be to contact a LOCAL mortgage broker and apply with them. Once they look at your exact loan scenario and credit, they should be able to guide you correctly. By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. 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

Sep 10th 2014
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