Profile picture for chuchu09

Applying mortgage after short sale

Completed short sale few months ago due to change of income. On my credit report, my lender closed my account and the payment status shows "Legally paid in full for less than the full balance". My current credit score is 706. When can I apply for the mortage again? And, what type of mortage?
  • July 19 2009 - US
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Answers (7)

After 12 mons you can apply if your short sale was a result of unemployment, hardship, illness and some others. Check with your local lender as the rules just changed this month. Happy house hunting.
  • September 01 2013
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With Fannie Mae conventional loan, there is a waiting period of 7 years after short sale. With FHA, there is only 3 years.
  • September 01 2013
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Most lenders want to see a 2 to 3 year waiting period before they will give you a mortgage. In the meantime, pay everything on time and maybe establish some new credit in the interim.   Good Luck
  • August 25 2010
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Most lenders make you wait 2-3 years after a short sale. I've heard stories where the seller was able to get a mortgage months after a short sale on their home.
  • August 16 2010
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Profile picture for Mills Realty
706 after a short is excellent.  You might still have to wait as the "for less than the full balance" is still a major negative, but contact a local mortgage broker who has the ability to shop you around to many lenders.  The mortgage broker should be able to get you a loan.

Simon Mills
Mills Realty
  • August 16 2010
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Profile picture for Parky
I try banks but no luck my credit score is 733.
  • August 16 2010
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If your credit score is currently 706 after a closed short sale, I would say you are lucky. It will be up to the lender you choose whether they will give you at this time a mortgage or not. It doesn't hurt to inquire. Consultation is free.
  • July 19 2009
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