Zillow Advice: Mortgage - what exactly is meant by the 3-year requirement on FHA loan after short-sale? http://www.zillow.com/advice-thread/what-exactly-is-meant-by-the-3-year-requirement-on-FHA-loan-after-short-sale/487827/ Zillow Advice | Zillow Real Estate Federal compliance does put ... http://www.zillow.com/advice-thread/what-exactly-is-meant-by-the-3-year-requirement-on-FHA-loan-after-short-sale/487827/ <p>Federal compliance does put a hold on the borrower from buying thier next house after a short sale. FHA requires the 3 year waiting period starting from the date the short sale is completed. You do need to wait until 3 years and 1 day to have your credit pulled to start the application.<br/>Conventional options can be more tricky as well.... there are moving pieces to the conventional option:1) were you in good standing and current with your payments up unitl the time of the sale? 2) Was there an extenuating circumstance causing the shortsale: medical, job layoff, etc... and if so, then supporting doccumentaion would potentially allow for a 2 year waiting period with 10% down.<br/>When it comes to a short sale, how the event was catorgarized will have an impact on your waiting period. Deed-in-lieu of foreclosure or preforeclosure sale [without extenuating circumstances] you may be able to do the following with a conventional option: 2 year waiting period with 20% down, 4 year waiting period with 10% down or 7 years for standard guidelines.</p> Fri, 20 Jun 2014 18:18:00 GMT http://www.zillow.com/advice-thread/what-exactly-is-meant-by-the-3-year-requirement-on-FHA-loan-after-short-sale/487827/ 2014-06-20T18:18:00Z I am really confused, did ... http://www.zillow.com/advice-thread/what-exactly-is-meant-by-the-3-year-requirement-on-FHA-loan-after-short-sale/487827/ I am really confused, did FHA ever waived the 3 yr waiting period to reapply for fha financing? My fiance went through a divorce and her house went into forclorsure than a short sale. Really confused about this.&nbsp; Wed, 21 May 2014 16:11:00 GMT http://www.zillow.com/advice-thread/what-exactly-is-meant-by-the-3-year-requirement-on-FHA-loan-after-short-sale/487827/ 2014-05-21T16:11:00Z I got an email today from ... http://www.zillow.com/advice-thread/what-exactly-is-meant-by-the-3-year-requirement-on-FHA-loan-after-short-sale/487827/ I got an email today from a lender that wiped all those lender overlay requirements away . Now you will have to have had a verifiable "economic event" is loss of income, injury,&nbsp; etc. If&nbsp; so your purchase money application is now welcome. Fri, 23 Aug 2013 22:33:00 GMT http://www.zillow.com/advice-thread/what-exactly-is-meant-by-the-3-year-requirement-on-FHA-loan-after-short-sale/487827/ 2013-08-23T22:33:00Z The three year period will ... http://www.zillow.com/advice-thread/what-exactly-is-meant-by-the-3-year-requirement-on-FHA-loan-after-short-sale/487827/ <p>The three year period will begin on the date the short sale is completed. You must wait three years before purchasing a home using an FHA loan. There are programs available that will shorten the wait period and allow you to purchase sooner. <em>[deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]</em></p> Fri, 23 Aug 2013 15:11:00 GMT http://www.zillow.com/advice-thread/what-exactly-is-meant-by-the-3-year-requirement-on-FHA-loan-after-short-sale/487827/ 2013-08-23T15:11:00Z The 3-year clock doesn't ... http://www.zillow.com/advice-thread/what-exactly-is-meant-by-the-3-year-requirement-on-FHA-loan-after-short-sale/487827/ The 3-year clock doesn't start clicking until the day the short sale closed. &nbsp;Which would be the day the (short) sale was made. &nbsp; Fri, 16 Aug 2013 20:11:00 GMT http://www.zillow.com/advice-thread/what-exactly-is-meant-by-the-3-year-requirement-on-FHA-loan-after-short-sale/487827/ 2013-08-16T20:11:00Z There are owners who have ... http://www.zillow.com/advice-thread/what-exactly-is-meant-by-the-3-year-requirement-on-FHA-loan-after-short-sale/487827/ There are owners who have had a foreclosure or short sale years ago who just got approved to&nbsp; buy a new home. Nowadays, many lenders have flexible loan programs that you can take advantage of. Visit an expert in your area to see if you qualify. You can also search online. Sun, 11 Aug 2013 04:00:00 GMT http://www.zillow.com/advice-thread/what-exactly-is-meant-by-the-3-year-requirement-on-FHA-loan-after-short-sale/487827/ 2013-08-11T04:00:00Z We now have a conventional ... http://www.zillow.com/advice-thread/what-exactly-is-meant-by-the-3-year-requirement-on-FHA-loan-after-short-sale/487827/ We now have a conventional loan 2 years after a short sale for as low as 5-10% down. Contact me through my profile if I can help you purchase a new home. Wed, 10 Jul 2013 17:16:00 GMT http://www.zillow.com/advice-thread/what-exactly-is-meant-by-the-3-year-requirement-on-FHA-loan-after-short-sale/487827/ 2013-07-10T17:16:00Z Try going non FHA loan. http://www.zillow.com/advice-thread/what-exactly-is-meant-by-the-3-year-requirement-on-FHA-loan-after-short-sale/487827/ Try going non FHA loan. Sun, 14 Apr 2013 14:55:00 GMT http://www.zillow.com/advice-thread/what-exactly-is-meant-by-the-3-year-requirement-on-FHA-loan-after-short-sale/487827/ 2013-04-14T14:55:00Z Under FHA rules:Short Sales:A ... http://www.zillow.com/advice-thread/what-exactly-is-meant-by-the-3-year-requirement-on-FHA-loan-after-short-sale/487827/ Under FHA rules:<br/><div>Short Sales:<div>A borrower is not eligible for a new FHA-insured mortgage if he/she pursued a short sale agreement&nbsp;on his/her principal residence simply to<div>&bull; take advantage of declining market conditions, and<div>&bull; purchase a similar or superior property within a reasonable commuting distance at a reduced&nbsp;price as compared to current market value.<br/><br/><div>Borrower Current at the time of Short Sale<div>A borrower is considered eligible for a new FHA-insured mortgage if, from the date of loan application&nbsp;for the new mortgage, all<div>&bull; mortgage payments on the prior mortgage were made within the month due for the 12-month&nbsp;period preceding the short sale, and<div>&bull; installment debt payments for the same time period were also made within the month due.<br/><br/><div>Borrower in Default at the time of Short Sale<div>A borrower in default on his/her mortgage at the time of the short sale (or pre-foreclosure sale) is not&nbsp;eligible for a new FHA-insured mortgage for three years from the date of the pre-foreclosure sale.<br/><br/><div>Note: A borrower who sold his/her property under FHA's pre-foreclosure sale program is not eligible&nbsp;for a new FHA-insured mortgage from the date that FHA paid the claim associated with the preforeclosure&nbsp;sale.<br/><br/><div>Exception: A lender may make an exception to this rule for a borrower in default on his/her mortgage&nbsp;at the time of the short sale if the<div>&bull; default was due to circumstances beyond the borrower's control, such as death of primary&nbsp;wage earner or long-term uninsured illness, and<div>&bull; a review of the credit report indicates satisfactory credit prior to the circumstances beyond the&nbsp;borrower's control that caused the default.<br/><br/>We follow the rule that you can't close until 3 years after you closed on the short sale.<br/><br/>Let me know if I can be of further assistance.</div></div></div></div></div></div></div></div></div></div></div></div></div></div> Sun, 14 Apr 2013 14:38:00 GMT http://www.zillow.com/advice-thread/what-exactly-is-meant-by-the-3-year-requirement-on-FHA-loan-after-short-sale/487827/ 2013-04-14T14:38:00Z AHHHHHH, all lenders are ... http://www.zillow.com/advice-thread/what-exactly-is-meant-by-the-3-year-requirement-on-FHA-loan-after-short-sale/487827/ AHHHHHH, all lenders are different, some say 3 years after the hammer came down and some say within two years. &nbsp;I know what you are saying above that you would just like some clarification, but with all lenders being different and regulations constantly changing, we are going to get different answers from everyone. &nbsp;<br/><br/>I understand your frustration. &nbsp; Sat, 13 Apr 2013 23:25:00 GMT http://www.zillow.com/advice-thread/what-exactly-is-meant-by-the-3-year-requirement-on-FHA-loan-after-short-sale/487827/ 2013-04-13T23:25:00Z