Conventional Loans After Short Sale

However, as it stands now, for a buyer to qualify for either an FHA or conventional loan, it typically must be two years since a bankruptcy was discharged and three years since a foreclosure or short.

As a mortgage broker in Florida where it is common to see boomerang buyers (those eligible to re-enter the housing market after a short sale or foreclosure), I often hear the full story for those who.

I thought this would be a good opportunity to review what non-conventional loans are. Non-conventional loans are a broad term describing loans that do not take the traditional form; in short they aren.

With conventional loans, the waiting period after a short sale actually depends on how much money you are planning putting down as a down payment. If you put at least 20% down, it is 2 years. If you put less than 20% down, it is at least 5 years and as long as 7 years if you put less than 10% down.

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.

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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.

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If you try to get the wrong type of loan, even if your short sale is approved by the seller’s bank, you might not be able to close that transaction because of financing problems. Unfortunately, not every type of available financing in the United States can be used to buy a short sale property.

However, as it stands now, for a buyer to qualify for either an FHA or conventional loan, it typically must be two years since a bankruptcy was discharged and three years since a foreclosure or short.