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Answers (4)
- Ed Brophy, "Ed Brophy"
- Contributions:455
Approval for a new mortgage after a short sale is going to depend on your short sale situation.
If you were late on your mortgage prior to short sale (some banks look at a year or 2 previous to short sale), the banks will treat it as a foreclosure which starts a 3 year or longer clock before being able to obtain another mortgage.
Typically if you short sold with no mortgage lates the wait time is 2 years.
Under the new Fannie Mae guidelines if you don't have 20% or more down you'll have to wait out the 4 years before being eligible under the new guidelines.
If your short sale was a result of loss of employment, medical expenses or divorce then you may be able to qualify for a new mortgage with minimum 10% down payments in just two years.
Basically there's no solid answer, it's all going to depend on your specific situation. Your best bet is to speak with a lender to see what options you have.
If you were late on your mortgage prior to short sale (some banks look at a year or 2 previous to short sale), the banks will treat it as a foreclosure which starts a 3 year or longer clock before being able to obtain another mortgage.
Typically if you short sold with no mortgage lates the wait time is 2 years.
Under the new Fannie Mae guidelines if you don't have 20% or more down you'll have to wait out the 4 years before being eligible under the new guidelines.
If your short sale was a result of loss of employment, medical expenses or divorce then you may be able to qualify for a new mortgage with minimum 10% down payments in just two years.
Basically there's no solid answer, it's all going to depend on your specific situation. Your best bet is to speak with a lender to see what options you have.
- sillowfixer
- Contributions:9
Many will. There are even programs for those currently in the short sale process with their current home. check http://www.myagentgateway.com for more info directly from me.
Cameron
Cameron
- HomeSand.net, "White Picture"
- Contributions:4403
The people who have had to give the deed on their house back to the bank because of financial problems, or who have done a short sale to avoid foreclosure: You may not have to wait the typical four or five years to requalify for financing to buy another home.
Instead, it could be as little as two years. In a bulletin to lenders April 14, mortgage giant Fannie Mae said it was relaxing its previous rules that prevented loan applicants who had participated in short sales or deeds in lieu of foreclosure from obtaining a new mortgage for extended periods of time. The new rules are scheduled to take effect July 1.
http://www.latimes.com/business/la-fi-0425-harney-20100425,0,5336901.story
- wetdawgs
- Contributions:26945
You have to be at least two years passed date of short sale to get a new mortgage.
Has anyone heard of any new loan programs lending to those with past short sales?
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