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Here's an excerpt from my recent blog post on the topic:Borrower Current at the Time of Short Sale:A borrower is considered eligible for a new FHA-insured mortgage if, from the date of loan application for the new mortgage, all mortgage payments on the prior mortgage were made within the month due for the 12-month period preceding the short sale, and installment debt payments for the same time period were also made within the month due.
Borrower in Default at the Time of Short Sale:A borrower in default on his/her mortgage at the time of the short sale (or pre-foreclosure sale) is NOT eligible for a new FHA-insured mortgage for 3 years from the date of the pre-foreclosure sale.
Exception:A lender may make an exception to this rule for a borrower in default on his/her mortgage at the time of the short sale if the:
Fannie Mae:2-7 year waiting periods:- 2 years – with a minimum down payment of 20%- 4 years – with a minimum down payment of 10%- 7 years – standard down payment requirements
Freddie Mac:4 year waiting period, but exceptions may be made for "extenuating circumstances."
Does not have specific short sale requirements, so it will depend on the lender. Some may require a two year waiting period, and some may require no waiting period if the borrower was current on mortgage payments and other monthly debts 12 months preceding the short sale.
Three year waiting period.
I am a Mortgage Consultant with a National Lender, and as long as you didn't have any 30 day late mortgage payments, I would be able to do an FHA loan for you. Please feel free to contact me through my profile at anytime. Thank you, and I hope to have the opportunity to speak with you in the near future.
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