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Short Sale

My wife short sold her home prior to us getting married in April 2011.  When would be the earliest I would be able to apply for a home loan with her on the loan to show her income?
  • February 22 - Lake Mary
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Answers (6)

No wait for VA
1 yr with FHA ( short sale must be due to income issues)  
2 yrs with 20% down for Conventional.

I am a Morgtage Laon Originator in Orlando, pls cantact me for further deatils

Tom Bawany
HomeBVridge Financiaa
  • May 10
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Depending on what City and State you want to buy in, the shortest waiting period after a short sale is...
None! If you were not late on your mortgage at the time of close then you don't have a waiting period. If you were late on your mortgage at the time of closing, then the next shortest waiting period is 1 year. Please feel free to contact me if you would like an analysis done on your scenario.

Best Wishes!
  • February 28
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3 years under current lending guidelines. But there are some no wait programs out there; however, those can be hard to qualify for.
  • February 27
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It seems as if the same posters here are bent on only telling you what their guidelines are and don't want to learn or tell you what other lenders have.  I don't mind telling you that your scenario is possible even if I can't do it.  

There is a lender who requires no waiting period.  You just need a 660 or better credit score, 20% down and to purchase the home as a primary residence.   We are not yet signed up with them, but I can refer you to someone who is or you can't wait until they post here. 
  • February 26
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It seems you already know that you will have to sit through a waiting period that can last from 1-7 years depending on your finances before you can purchase another loan. If you would like an FHA loan, the waiting period is 3 years, but there is an exception. If your wife experienced an economic event that caused a loss of income (such as unemployment) which then resulted in your short sale, then you will have only have to wait 1 year. If you plan to go conventional the waiting period is 2 years with 20% down, 4 years with 10% down, and 7 years with 10% or less down. Lastly, you will also have to have rebuilt your credit after the short sale. Either way, the best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!
  • February 26
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The shortest wait periods that seem to fit your scenario are:
Fannie Mae: 2 years with 20% down -or-
FHA: 3 years with minimum of 3.5% down
  • February 22
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