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.
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