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Hello my question is how soon after a short sale can you apply for another mortgage???

  • August 11 2012 - Teaneck
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  • July 27 2013
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Waiting Period Requirements

 Derogatory Event                   Waiting Period Requirements

Bankruptcy—Chapter 7 or 11         4 years

Bankruptcy—Chapter 13                2 years from discharge date, or 4 years from dismissal date

Multiple Bankruptcy Filings            5 years if more than one filing within the last 7 years

Foreclosure                                     7 years

Deed in lieu of foreclosure  and Short Sale
                                  2 years / 80% Maximum LTV 4 years / 90% Maximum LTV

Mortgage Modification                     4 years

FHA                                                 3 years for foreclosure, 2 years for Bankruptcy

 There are what as known as compensating factors and portfolio lenders (lenders who lend their own money) are more amenable to using common sense guidelines if the story makes sense and they can offset risk with compensating balance, large down payments, increase in salary, good work history in the same industry, Good credit. I would be happy to speak with any reader to assist them in planning for the future. Great rates are important, but it's my advice that will save you thousands.  Hope this helps 

  • June 06 2013
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If you were delinquent prior to the short sale Fannie Mae guidelines will allow purchase after 2 years with 20% down. FHA after 3 years with 3.5% down.
  • August 11 2012
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I kind of figured that  . Thank you much.
  • August 11 2012
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I suppose you can apply the same day but it will be a couple years before they are likely to approve one.
  • August 11 2012
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