Profile picture for Ryan.Gupta

How long does a potential buyer have to wait to purchase a home after a short sale?

I had a short sale on March 2010. I am interested in buying a home, but am not sure how long before I can qualify for a mortgage. I now have a credit score of 700 and about 20% down payment. My wife was not on the short sale, has been working only since a year, and credit score of 700 plus.
If anyone has any in information regarding financing for my situation, please let me know.
Thanks.

Ryan


  • July 27 2011 - Dublin
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Answers (4)

It depends on the situation for the short sale and if you had any other missed or late payments. From one of my lenders I was informed 2-3 years, but again different lenders will have different guidelines. I do know some banks will do within a year if credit scores are good and there is a good down paymnet. To answer the question, it depends. There are options and Ill be happy to point you in the right direction with a lender.
  • July 27 2011
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Profile picture for Mevin Barnes
FHA guidelines currently state you will have to wait a minimum of two years.  This of course is based on several factors including whether you were current or in default at the time of the short sale.  You can learn more here:

http://www.knowyouroptions.com/options-to-leave-your-home/short-sale-option

Just FYI - Even though FHA financing is available after a couple of years, banks still may implement their rules on top of FHA guidelines making financing tough even though technically you qualify.  If your wife can qualify for a loan on her income alone than that may be the better way to go.

Good Luck and let us know how it works out.

Melvin 
  • July 27 2011
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I agree with Mr Barnes, if your wife can qualify to purchase, that's your best option.  FHA allows your wife to purchase the home with another family member - so if her income is not sufficient to qualify, perhaps she has another family member who can go on the loan with her?

There are some extreme circumstances where VA or USDA might not make you wait the full 2 years - but it must be well documented, and out of your control (for instance - your company transferred you).

  • July 28 2011
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we can do conventional loan with 20 % down


Omar Khamisa
Mortgage Loan Manager
NMLS#: 369325
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  • August 16 2013
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