Mortgage After Short Sale. In order to get a mortgage after a short sale, it is key to re-establish credit. Besides an acceptable credit score and the required time since the sale, on-time rent history is the foremost requirement. basically, after short sales, lenders want to see that the borrower can now pay a housing payment.
It doesn’t mean you’ll never be able to buy again if you’ve lost your home through a short sale, foreclosure, bankruptcy, or a deed-in-lieu of foreclosure. You will have to undergo a waiting period first, however, to qualify for a conventional loan from a reputable lender.
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Qualifying for an FHA Loan after a Short Sale In the years following the sub-prime mortgage crisis of 2008, millions of Americans underwent a short sale. Occurring when the borrower owes more on their mortgage than the current market value of the property, a short sale can only happen if the bank agrees in writing to take a loss.
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Following a similar change with fha mortgage loans, mortgage-backer Fannie Mae has reduced the mandatory waiting period to make a mortgage application after a bankruptcy, short sale, or pre.
Conventional loan after a short sale. You will need to wait four years after a short sale to apply for a conforming loan, a loan backed by Fannie Mae or Freddie Mac. But if there are extenuating circumstances as to the reason you went through the short sale, you might be able to get a conforming loan two years after the short sale is complete.
Buy a House After short sale -lender411.com – FHA Loan Option To Buy a House After Short Sale. When buying a house after a short sale, many borrowers choose to secure FHA loans, as the federal housing administration (FHA) does not impose as lengthy of a waiting period as conventional mortgage loans.