How Loan Programs Treat A Short Sale…

By
Mortgage and Lending with Berkshire Lending, LLC

small brett pic How Loan Programs Treat A Short Sale...

I wanted to briefly go over how different loan programs treat a Short Sale.

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FHA – If the mortgage was current at the time of the sale then there is no wait. If the mortgage was delinquent at the time of the sale there is a 3 year wait before you can get another mortgage.

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VA – If the mortgage was current at the time of the sale then there is no wait. If the mortgage was delinquent at the time of the sale there is a 2 year wait before you can get another mortgage.

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Fannie Mae – 4 years. If the mortgage was included in a bankruptcy then it will be based off the discharge date of the BK.

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Freddie Mac – 4 years from completion date.

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That’s it for today!

I hope you have a great day! Thanks for reading!

Brett

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