What to Know about Your Short Sale and Getting a Conventional Loan

By
Mortgage and Lending with www.DaveYourMortgageGuy.com - Legend Lending NMLS #293883
https://activerain.com/droplet/47MQ

 

If you have had a short sale with your home in the past, it is important to know your options when getting a new mortgage.  For a conventional loan the minimum time line from when your Short Sale was finalized is 2yrs.  But here are the specifics to know:

 

1.      If your down payment is 20% or more, you must be 2yrs removed from your short sale.

 

2.      If your down payment is 19%-10%, you must be 4yrs removed from your short sale

 

3.      For less than a 10% down payment, you must be 7yrs removed from the short sale

 

 

Keep in mind these rules are different then the rules for a foreclosure.  If you had a foreclosure you must wait 7yrs.  If you have had a Deed in Lieu of foreclosure, the rules are the same as having a short sale.    When getting a new mortgage after having a short sale make sure you know the specific rules. 

 

Posted by

 

 

 

 

David Krichmar 

Mortgage Banker NMLS#293883 

Legend Home Lending

LLC NMLS #229421

Has Written For Realtor Magazine, Houston Agent Magazine, Scotsman Mortgage Guide

Appeared On Fox Business

 

Named 5 Star Mortgage Professional 2013, 2014, 2015, 2016, 2017

Named Top Mortgage Professional 2010,2011

Office:832-689-6012

Dave@DaveYourMortgageGuy.com

www.DaveYourMortgageGuy.com

For More Mortgage Info Follow me at  Dave's Blog

 

If you are looking for a FHA, VA, USDA, Homepath, Conventional, Jumbo, Construction, FHA 203k mortgage in Fort Bend County, Sugar Land, Houston, Katy, Harris County, Brazoria County, Pearland, Richmond, Bellaire, West University, The Woodlands, Kingwood, Friendswood, Clear Lake, Galveston, Fulshear, Tomball, Spring, Conroe, Montgomery County or anywhere in Texas I am your GUY!  

 

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