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short sale waiting period

what is the shortest amount of time I will have to wait to get a new home mortgage if I have a short sale on a conventional loan? This involves the most extenuating of circumstances by RSwans_994_188 from Greenwood, Indiana. Sep 7th 2012 Reply


Travis Torcoletti (travis.torcoletti)
#0 ranked lender in South Carolina - 372 contributions

Extenuating circumstances are irrelevant...2-3 years from the date the property tranferred unless you were current on the loan for the preceeding 12 months, then you might be able to much sooner.

Sep 7th 2012
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

Trick Question!!! Any where from zero to 3 years... FHA.. Zero waiting period if you had no late payments on the short sale property or any other obligation in the preceding 12 months, and had to relocate because of a job, or getting closer to a sick relative, and you're not taking advantage of the current market conditions.. 3 years other wise... VA, is also Zero waiting period for the same reason as above, or 2 years otherwise. USDA will be 3 years, unless there are "extenuating circumstances" (As defined by USDA, not by the borrower). Conventional will be 2 years minimum, and your down payment will be a minimum of 10% with "extenuating circumstances" (As defined by Fannie/Freddie) or 20% down otherwise. . 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

Sep 7th 2012
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Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

If you had not had any late payments, you could have no wait time. Otherwise, standard is 3 years. Best Of Luck!

Sep 7th 2012
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,236 contributions

The reality is no one (the investors, that is) cares what your extenuating circumstances are. If you have even one 30-day late payment leading up to the short sale, your wait is going to be 3 years from the date the escrow closed on the sale. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950

Sep 7th 2012
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James Barath (JamesBarath)
#9 ranked lender in Indiana - 352 contributions

If you pursue an FHA Insured Home Loan, there is NO WAITING PERIOD if you had no late payments on any mortgages and consumer debts within the 12 month period preceding the short sale AND you are not taking advantage of declining market conditions. Otherwise, standard waiting period is 3 years. Acceptable extenuating circumstances could reduce waiting period. FYI: my corporate office is out of Pendleton if you need more guidance.

Sep 7th 2012
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Sean McCracken (smccracken)
#28 ranked lender in Indiana - 3 contributions

The standard wait period is 3 years from the settlement date; many different lenders have different positions regarding the overlying qualifications, credit score history and equity position; I broker with over 20 different lenders though and can help put you in a position to succeed.Sean McCrackenWinterwood Mortgage Group317-885-4560 ext 132

Sep 7th 2012
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