Profile picture for user8875946

FHA short waiting period

Went to our bank (chase) inquire about FHA loan was told waiting period was 4 years, was there any thing else we can help you with, Help
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 19 - Santa Clarita
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (8)

Best Answer
You are required to sit through a waiting period before you can obtain another mortgage. The waiting period can be anywhere from 1-7 years depending on your finances. If you would like an FHA loan, the waiting period is 3 years, but there is an exception. If you experienced an economic event that caused a loss of income (such as unemployment) which then resulted in your short sale, then you will have only have to wait one year. If you plan to go conventional the waiting period is 2 years with 20% down, 4 years with 10% down, and 7 years with 10% or less down. The best thing for you to do is to speak with a lender such as myself to see if you can get started on financing a new home. If you have any further questions or if you would like a loan, feel free to contact me.

Good Luck!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 20

FHA- 3 years and 3.5% down (possibly 1 year if you qualify for the FHA BACK TO WORK PROGRAM) see my Zillow post regarding this loan.

The borrower may be eligible for an FHA Mortgage after 1 year (12 months) from the event instead of the 2 year waiting period for bankruptcy or 3 year waiting period for a short sale or foreclosure.I am a direct FHA lender offering this program. We have already successfully closed and helped buyers get in to a home.

To prevent any delays we will have your file underwritten and approved before taking the home buyer counseling class to save you time and money. This way you know upfront your file has been approved to move forward with this program. Your file will be underwritten in 72 hours upon receiving the required documentation.To be eligible for the program, borrowers must be able to prove that a major economic event such as a job loss or severe reduction in income (at least 20 percent for a period of six months) was the main catalyst to the circumstances listed above.

Additional Program Highlights:
(1) Adverse credit must be a result a reduction of income,
(2) 620 minimum credit score is required of the borrower,
(3) Re-establishing credit - Most recent 12 months with perfect payment history,
(4) Housing counseling is required a minimum of 30 days prior to all loan applications.

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 19
If the short sale completed in April 2011 was the only derogatory of event then you will be eligible for FHA financing in April 2014 or if you can do 20% down payment then eligible for Fannie Mae financing immediately.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 19
Not surprised a bank rep gave the wrong info. You would think the opposite of a big bank, but that's what happens with inexperienced loan officers. FHA requires 3 yeras out unless:
1. You were not late on the last 12 months of payments before you short sold. If so, then you can get a new FHA loan immediately.
2. If you short sold due to an economic event (job loss, income loss), then you can use the "back to work" loan program to get a new FHA loan after 12 months of perfect credit and rental history.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 19
Fill out a loan application with your local lender to get a direct answer on your particular situation.  
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 19
Assuming you had late payments within the last 12 months of your short sale, you will be eligible for new financing through FHA after it has been 3 years since the transfer of your short sale (if you had no late payments for the 12 months preceding the short sale you would be eligible immediately).  For conventional financing; with 20% down you can purchase 2 years from transfer of the short sale, with 10% down you can purchase 4 years after the transfer of the short sale.

I hope this helps.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 19
Profile picture for user8875946
Thanks,
we did short sale April 2011 not eligible for some of the programs FHA has, loan officer told us 4 years for FFHA, asked about regular loan with 20 percent down said waiting period was also 4 years, asked us if there was any thing else they could help us with and of meeting. HELP, ready to start purchasing a home.
any help would be great.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 19
Call other lenders, go online I believe FHA is 3 years from the short sale/foreclosure date.  Lots of other factors and not enough information to answer them.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 19
 
Related Questions
FHA short waiting period
Profile picture for Brian Nguyen
Latest answer by Brian Nguyen
January 20 | 8 answers
Discount Points
Profile picture for Bentley Advisors
Latest answer by Bentley Advisors
September 12 2009 | 6 answers
Is it possible to get a 4% mortgage rate on New home today? I'm a first time home buyer
Profile picture for Aaron Lazenby
Latest answer by Aaron Lazenby
February 19 2009 | 11 answers
I have 4 yr credit history, 751 score,6 cards,1 auto loan & 95k income. Can I qualify for a mortgage
Profile picture for Justin Sheftell
Latest answer by Justin Sheftell
February 18 2009 | 1 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 27613 Danton Ct, Valencia, CA Home For Sale
    27613 Danton Ct, Valencia, CA 91354

     For Sale: $669,900

    • Beds: 4
    • Sqft: 2667
    • Baths: 3.0
    • Lot: 7274
  2. 24974 Wiley Canyon Rd, Santa Clarita, CA Home For Sale
    24974 Wiley Canyon Rd, Santa Clarita, CA 91321

     For Sale: $549,000

    • Beds: 3
    • Sqft: 1766
    • Baths: 3.0
    • Lot: 11790
  3. 27827 Rolling Hills Ave, Santa Clarita, CA Home For Sale
    27827 Rolling Hills Ave, Santa Clarita, CA 91387

     For Sale: $1,199,000

    • Beds: 5
    • Sqft: 3800
    • Baths: 4.0
    • Lot: 217800