What is the current waiting period for FHA loans after short sale?

Hello. The waiting period varies dependent upon whether there was mortgage delinquency or not. If you didn't have mortgage delinquency beyond 119 days, you can be eligible in 2 years. If there were extenuating cirumstances beyond your control, it can even be less than 2 years. If the mortgage was 120 days or more delinquent, then the waiting period is 3 years from the date of the sale and there is no deficiency balance remaining. If there is/was a deficiency balance, we will require 3 years from the date the deficiency balance is paid off. I hope this helps.

If, during the 12 months preceding the short sale, you made all payments in the month it was due (even if it was paid on the last day of the month), then you are eligible immediately for a new FHA loan. There are some restrictions that relate to the reason for the short sale, however. Otherwise it is likely to be treated similar to a foreclosure and that means a 36 month wait from the day the transfer deed was recorded. Some lender overlays my restrict this further, so you will want to work with a Mortgage Banker/broker, instead of one of the Big banks or national mortgage factories. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

No waiting period if there was no late payments on the home or any other obligation you have, and you have an acceptable circumstance which required you to short sell your home, and you're not trying to take advantage of the market.. Otherwise it's 3 years from the date the home was transferred out of your name.. There is some talk about FHA either lowering or removing the waiting period restrictions from FHA financing.. Nothing solid, but it's a legitimate discussion HUD is having right now.. Stay tuned.. 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 speaking, 3-years. There are some very hard to qualify for exceptions, so be sure to speak with a local NON BANK licensed loan officer about your exact situation. Find out if your loan officer is licensed at www.nmlsconsumeraccess.org. At the bottom of the loan officers information, if it lists one of more state licenses, they have a license. Feel comfortable using them. If it says "federal national mortgage originator", that is an unlicensed application clerk... use someone else!

FHA Wait Period is 3 years.

usually 3 yrs, or unless you have very strong compensating factors, and if the bank/lender accepts it , divorce does not count for a factor, but unfortunaley death can be a factor that can make a difference.. linda

Generally 3 years.