AFTER A SHORT SALE, CAN I GET A CONVENTIONAL LOAN? QUESTION: I/we sold our home with a short sale and now want to purchase another home. What are the options?
What to know about getting a conventional loan after a foreclosure, short sale or bankruptcy. How to get approved for a mortgage after and what to do next.
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Conventional loan after 2 years past short sale? Asked by Karen, Los Angeles, CA Thu Mar 26, 2015. I am hearing i have to wait 4 years to get a conventional loan. I short sold an investment property that went very south with extenuating circumstances.
The first home I owned ended in a short sale in Jan 2014. I won’t get into the what and why, but the loan was current up until the sale closed and the impact to my credit was minimal. My partner and I are looking to buy another home now and I understand there is a 4-year waiting period after a short sale before one can get another conventional.
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High Risk Construction Loans Institutions shy away from what they deem to the high risk clients, however, as is most often the case, those with poor credit can find the right plan as long as they are willing to put in time and research in finding a plan that works for them such as a VA construction loan.
FHA loans have less stringent waiting periods, three years for buying after foreclosures, short sales, or deeds in lieu of foreclosure, and one to two years for bankruptcies. The FHA will waive the waiting period and allow you to borrow immediately in some short sale situations if you weren’t in default on your mortgage and you had at least one year of timely payments.
Conventional Loans have different guidelines on waiting period after short sale and deed in lieu versus standard foreclosure; Qualifying For Conventional Loan After Short Sale and/or Deed In Lieu Of Foreclosure is four years versus seven year waiting period after standard foreclosure
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· Luckily, the FHA, Fannie Mae, and Freddie Mac require just a 2-year waiting period after a short sale. This means that after the short sale completes, you can apply for a conventional or FHA loan after just 2 years. The VA doesn’t specify how long you must wait to apply for a VA loan after a short sale, but the 2-year window is typically a.