Question by SKFB: How soon can someone get a mortgage after a short sale?
It has been over a year since the sale of the property. The individual has purchased a property in cash – owner occupied. This would be an additional property on a mortgage. Credit is unblemished besides short-sale.
Best answer:
Answer by Bob
The financing guidelines are very clear. If you have no other blemishes on your credit and were not 30 days late on your mortgage in the past 12 months the short sale will not disqualify you for an FHA loan. Conventional financing will require a minimum of two years after short sale before you will qualify.
What do you think? Answer below!
No one really knows. If the short sale involved missed payments on the previous house, most lenders are saying 2-3 years. If the short sale had no missed payments, some people have reported that they were able to get a loan in 1 year.
Others are saying that the short sale will be treated the same as a foreclosure and the borrower will have to wait 5 years.