Is there a way to get a loan within a couple years of having a recent short sale?

Your best bet will be FHA financing, They have the most relaxed guidelines when it comes to short sells.

There are mandatory wait periods after a major negative event like a short-sale. A VA loan is the shortest at 2-years, next is FHA at 3-years, and standard conventional require a 4-year waiting period after the day the house was no longer in your name. You may read of extenuating circumstance exceptions, but 99.99% of those are never granted. Figure you need to wait the times listed above. For loans in MN, WI, and SD, visit www.FirstTimeHomeBuyer-MN.com

Hi Linda, There is a seasoning period of 4 years for conventional loans, so the date you would be approved to get a loan would be 08/2016

Hi Linda, There is a seasoning period of four years for short sales on conventional loans. For hard money, or private money loans, there are exceptions but the terms are slightly different. If you go the normal route, the date you would be able to get approved for a loan would be 08/2016.Nazeli Kerkorian | Fidelity Funding | Glendale, CA | Nazeli@fidelityfundingcorp.com

To purchase a home with a FHA loan now, you must pay an extra 1.75% of the purchase price after the down payment, and have monthly mortgage insurance for the life of the loan if the down payment is less than 5%. As an example, for a $300,000 condo with 3% down, you must pay an extra $5,093 for the loan, which will be added to the loan amount, equaling $296,093 ($300,000 minus the $9,000 down payment = $291,000 X 1.75% = $5,093 + $291,000 = $296,093). If this makes sense to you, then you should do it.However, if you wait until July, you can get a conventional loan with a 3% down payment, not have to pay 1.75% of the purchase price after the down payment, and not have mortgage insurance for its life. In fact, I can structure a conventional loan for you without separate mortgage insurance having to be paid monthly.Which loan you choose all depends upon how long you are willing to wait to purchase. You stated in your question that that you're looking to do so in 6 months, which will be in May, so it would seem waiting just 2 more months until July to do a conventional loan would be the much better alternative for you from a mortgage insurance standpoint, and far less costly.Give me a call 16/7 at 626-644-2020, or email me your phone number so I can call you, and I'll be happy to walk you through the process. To learn more about me and our mortgage brokerage, click on my picture. When the next page pops up, click on "Website" and you will be redirected to ours. If you get a chance, read some of my blogposts on Lender411. They are quite informative. We work exclusively in CA and get loans done fast, typically in less than 30 days, at low interest rates and costs. I started doing mortgage loans in CA in 2006, and only do them there so I have an exceptional understanding of this extraordinary market. Representing more than 50 quality lenders that offer in excess of 1,000 loan programs, we definitely have something for everybody.

FHA only requires 3 years and conventional requires 4 years. So conventional will be available in June of 16. However, it all depends on what program(s) you qualify for. You should speak with a couple of local loan officers and see what options you have.

I'm a lender in the Bay Area, Let me know how I can help you. www.californiahomeloanlender.com or you can call me 925-626-4633 and I will work up some numbers for you.