Last year I had to sell my house as a short sale. My credit dropped to 630. How long before I can get a loan?

FHA has a program where you can apply the day after your short sale, but the guidelines are very strict, no 30 day late payments on any obligation, not taking advantage of the market, etc.. but if you qualify, you can purchase now.. other wise, with 20% down, you can purchase after 2 years, otherwise, it's 3 years..I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Generally there is a waiting period of 2-5 years after a short sale depending on the loan program.

Generally, 2 to 3 years.

The quick and simple answer is that most lenders will treat the shortsale as a foreclosure. This means that you will need to be 3 years from the dtae of the short sale to qualify for an FHA or USDA Rural Development mortgage. In some instances if you had no late payments in the last 12 months before the short sale you can find shorter waiting periods. It is best to talk to a Lender 411 Professional in your area. It really is the only way to find out exactly how long you may have to wait.

The quick and simple answer is that most lenders will treat the shortsale as a foreclosure. This means that you will need to be 3 years from the dtae of the short sale to qualify for a loan

It depends. If no payment were late (30 days or more) in the twelve months prior to the short sale, then you would be eligible for a new FHA loan immediately. If you were late, then you are looking at a minimum of three years before you are eligible for a new FHA loan with 3.5% minimum down payment. If you put 20% down, you'll need to wait two years plus get your scores up to 640 or better for virtually every lender. Here at NOVA, our Home Again! loan allows you to buy immediately, with a short sale or a foreclosure. It does require 25% down, and a minimum 600 credit score. If you are interested, contact me and we can discuss how it works. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Certified by the National Association of Mortgage Professionals and Licensed in California and Arizona ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Hi, though your credit score is sufficiently high enough to qualify a loan, you will have to wait 4 years for a conventional loan and 3 years for an FHA loan due to the short sale. I hope that helps!Pat

3 years for FHA and 5 years for conventional. Lenders look at a short sale like a foreclosure. Some programs will allow exceptions. Call for details.

The answer is, it will depend on what program you want to use. My information shows that for VA you would have to wait 2 years, for FHA it would be 3years. Conventional will depend on how much you have for a down payment - and these may be in flux.Put a reminder on your calendar for three years from the date the sale closed, and then talk with a local, licensed mortgage professional about gettingback into the housing market.

I don't have enough information to tell you exactly, but generally speaking, the earliest you can get a loan is two-years past the short-sale date with 20% down payment. Many loans require at least a three-year waiting period. Some are even longer. You can potentially get a new FHA loan right away IF you had no late payments on ANY mortgage or consumer debt within the past 12 months AND the short-sale was for extenuating circumstances AND you did NOT do a strategic short-sale. IN MN or WI, visit www.JoeMetzler.com

Hi Phi930, The is answer is 0 years. You can purchase right after a short sale with a non-prime lender. If you are from California I can get you a loan. You may pay a higher rate but there is no prepayment penalty so you can refinance out of the loan into a conventional loan after its been 2-3 years after the completion of the shortsale. Otherwise it is usually that 2-3 years after the shortsale. Can be more, depending on the lender. David Sanders. 760-616-1882 www.homeloansbydavidsanders.com www.crossroadsfunding.com NMLS 1052080 DRE 01930045

Most likely a 3 year wait but speak to a local mortgage pro to go over your situation fully as there may be a way to purchase sooner.