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Can we get a mortgage after short sale, with a co-signer?

We closed on the short sale of our home in August 2012.  We were not delinquent on our mortgage and managed to keep our credit above 700.  Is it possible for us to acquire a mortgage, as long as we have a co-signer with excellent credit?
  • April 11 2013 - Tampa
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Answers (9)

You don't need a co-signer.. We have an exclusive portfolio program that allows a recent short-sale. This isn't an FHA loan or any type of government backed loan which is why we can have different guidelines. The requirements are at least a 20% down-payment and a 660 Mid FICO score. (although we can go down to a 620 mid FICO with an exception). Let me know how I can help!
  • February 05 2014
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You usually have to go through a two year waiting period after the short sale in order to be able to obtain a new mortgage. Sometimes the waiting period can be less depending on the circumstances of the short sale and your down payment available. In order to tell if you are able to get a loan before the wait period you should speak with a lender like myself that would be able to help you. Also, make sure all payments since the short sale are on time because now lenders will look very closely at your finances. Either way, you should speak with a lender to see what you can get.

If you have any other questions or need a loan please contact me through the information on my profile page. I hope this helps and good luck!
  • September 20 2013
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It is possible to buy!
As long as you were current on all of your payments leading up to the sale on your mortgage and all other recorded debts you should be able to get a loan.

The best information about loans will always come from a lender.
  • September 19 2013
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If there was a hardship you might not need a co signer according to the HUD mortgagee letter release on 08/15/2013.

Melvin List
Florida Mortgage Pro

  • August 19 2013
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If you did not pay late then you can get a mortgage right away.  No co-signer needed.
  • August 17 2013
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Typically, you have to wait 2 years after the short sale. However, some say FHA is the shortest route for buyers with less than 10% down.
  • August 11 2013
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A short sale is considered a foreclosure in the mortgage underwriting world.  So, a co-signer is not going to help you jump this hurdle.  You may still have to wait on the sidelines until you have waited after the "foreclosure".  Also, all borrowers must credit and income qualify on the mortgage.
  • April 12 2013
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Profile picture for JoshBarnettREIB
Click on the "Mortgage Rates" Tab at the top, type in what you are looking for on your mortgage and call the top five lenders and go over your question with them.
  • April 11 2013
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Most lenders are going to want to see 2-3 years after a short sale.  You may find one that if the credit is good and you have savings for downpayment and closing costs, are willing to lend prior to that time.  Best thing to do is talk with a lender in your market  and see what is available. 

Good luck, 
Cassandra Bickel, REALTOR
  • April 11 2013
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