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If I do a short sale how long will I have to wait before I can get a new loan?

  • September 23 2010 - Glendale
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Answers (9)

Best Answer

3 years.
  • September 23 2010
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Profile picture for Joe C Chen
2 years for Fannie Mae / FHA loan.  You only need credit recover back to 620 for FHA.
  • September 27 2010
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Realistically you can get a mortgage again after two years. However, with a foreclosure you will have to wait for at least seven. 
  • September 27 2010
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if you don't stay current on your payments during the process, figure about 2 min to 3 years
  • September 25 2010
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Stay current on your bills etc for at least 24 months and FHA should be able to help you is what I've heard.
  • September 24 2010
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That is a great question. The best answer I can give you is to see a mortgage professional to look at your overall financial snapshot for today. Some people are renting out current house and purchasing another home. Now, you have to be current on all debts. Again, you will not know until you seek professional mortgage advice.

Real Estate is a team sport. 
  • September 24 2010
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Generally 2-3 years but there are many factors to consider and there is no set rule. Were you able to stay current on the payments? Some lenders will require the seller to default on their payment for them to consider a short sale. Late or lack of payments altogether hurts the credit score immensly.

How was the loan written off by the lender? Have you kept your other credit clean? And the list goes on.

With the large number of short sales now, it will be interesting what the future holds for criteria when it comes to acquiring another loan.
  • September 24 2010
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Dear 32
Expect about 3 years if you keep your payments current. Shorter, if you can make a large down payment or if you can secure a guaranty of a family member.

  • September 23 2010
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It depends on the type of loan you go for, and your other credit factors.
  • September 23 2010
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