Zillow Advice: Approval Process - Can we get a mortgage loan even though we had to do a short sale on our rental property a year ago? http://www.zillow.com/advice-thread/Can-we-get-a-mortgage-loan-even-though-we-had-to-do-a-short-sale-on-our-rental-property-a-year-ago/508932/ Zillow Advice | Zillow Real Estate Unfortunately, it is not ... http://www.zillow.com/advice-thread/Can-we-get-a-mortgage-loan-even-though-we-had-to-do-a-short-sale-on-our-rental-property-a-year-ago/508932/ Unfortunately, it is not viewed any differently even though it was a rental property. A waiting period for a non-FHA loan can be as long as 2-7 years depending on how much of a down payment you have for your next home loan. Luckily, FHA has lowered their waiting period to one year if you fall under certain circumstances (check out the link below for more information about it). Also, lenders like myself have been able to give out loans after short sales if it was due to job relocation, or there are other compensating factors and strengths to the file. So try to shop around with lenders and see if there is a lender, like myself, that would be able to work with your situation.<br/><br/>Well I hope this helps! If you have any further question or if you would like a loan, feel free to contact me. Also, if you found this comment helpful, please leave me a review!Good Luck! Wed, 28 Aug 2013 19:35:00 GMT http://www.zillow.com/advice-thread/Can-we-get-a-mortgage-loan-even-though-we-had-to-do-a-short-sale-on-our-rental-property-a-year-ago/508932/ 2013-08-28T19:35:00Z I read recently in a post ... http://www.zillow.com/advice-thread/Can-we-get-a-mortgage-loan-even-though-we-had-to-do-a-short-sale-on-our-rental-property-a-year-ago/508932/ <p>I read recently in a post that on August 15 the Federal Housing Administration (FHA) relaxed its guidelines for borrowers who "experienced periods of financial difficulty due to extenuating circumstances" dubbed the "Back to Work - Extenuating Circumstances Program" where waiting periods between short-sales and/or foreclosures were shortened according to the individuals circumstances. It may be worthwhile to contact a reputable lender and investigate if you might qualify to borrow again under this program. For conventional financing the wait period after a short-sale depends on the amount of down-payment being made. In general the guidelines are as follows: with 20% down there is a 2 year wait period, with 10% down it's a 4 year wait period, with less than 10% down it's a 7 year wait period. Talk to your lender and he/she can give you more accurate and current information. Good luck, I hope it all works out well for you!&nbsp;</p> Wed, 28 Aug 2013 17:40:00 GMT http://www.zillow.com/advice-thread/Can-we-get-a-mortgage-loan-even-though-we-had-to-do-a-short-sale-on-our-rental-property-a-year-ago/508932/ 2013-08-28T17:40:00Z If you are a VA you get financed ... http://www.zillow.com/advice-thread/Can-we-get-a-mortgage-loan-even-though-we-had-to-do-a-short-sale-on-our-rental-property-a-year-ago/508932/ <p class="MsoNormal">If you are a VA you get financed again after a 2 year seasoning period. If not you can do 20% down after a 2 year seasoning period as well. Those are the two most viable options currently. Feel free to contact me and we can run through all the various possibilities to&nbsp;get you financed again!</p> Wed, 28 Aug 2013 16:17:00 GMT http://www.zillow.com/advice-thread/Can-we-get-a-mortgage-loan-even-though-we-had-to-do-a-short-sale-on-our-rental-property-a-year-ago/508932/ 2013-08-28T16:17:00Z You will have to wait the ... http://www.zillow.com/advice-thread/Can-we-get-a-mortgage-loan-even-though-we-had-to-do-a-short-sale-on-our-rental-property-a-year-ago/508932/ You will have to wait the normal wait times after a short sale.&nbsp; It does not matter that it was a rental property or not.&nbsp; It will show on your credit report and when they do a profile search.&nbsp; Wed, 28 Aug 2013 15:58:00 GMT http://www.zillow.com/advice-thread/Can-we-get-a-mortgage-loan-even-though-we-had-to-do-a-short-sale-on-our-rental-property-a-year-ago/508932/ 2013-08-28T15:58:00Z