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When can you get a mortgage after a short sale?

By
Mortgage and Lending with Axia Home Loans & Real Estate Investment Firm

 

So when you can you get a mortgage after a short sale?

People often ask me for this information so I thought I’d post it. Bookmark this page so you can refer back to it if necessary.

Conventional Loan

 

·                  7 years if borrower puts less than 10% down

 

·                  4 years if borrower puts 10% down*

 

·                  2 years if borrower puts 20% down

 

FHA Loan

 

·                  3 years from the completion date

 

·                  Wait period is not required if borrower is current on mortgage/debts and is not taking advantage of declining market conditions.

 

VA Loan

 

·                  2 years from the completion date

 

·                  Wait period is not required if borrower is current on mortgage/debts and is not taking advantage of declining market conditions.

 

USDA Loan

 

·                  3 years from the completion date *

 

* Extenuating circumstances beyond the borrower’s control such as a loss of job, medical bills, or the death of a wage earner are considered on a case-by-case basis and may shorten the waiting period for when you can get a mortgage after a short sale.

 

Posted by

Tom Jarzynka!

 

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Thomas Jarzynka
Mortgage Planner

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