Ingrid B. Quinn

NMLS ID #211652 Arizona, Loan Consultant

Life After Short Sale

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Over the past couple of years, Short Sales have become more prevalent. Banks have been more receptive to short sales and have opted to negotiate instead of foreclose. Several clients who have called to be prequalified have had a Short Sale in their recent past. They have asked me when they can get back into the buying pool again. The rules to obtaining a mortgage after a short sale differ depending on the type of financing a buyer wants to use for their next purchase.

CONVENTIONAL FINANCING

With a 20% Down Payment, a Buyer can purchase a home using Conventional Financing after a 2 year waiting period from the Short Sale date (which can be found on their final HUD settlement statement). With 10% Down Payment, a buyer must wait 4 years from their Short Sale.

FHA FINANCING

Using FHA financing, a buyer must wait for 3 years to have passed from the Short Sale date.

VA FINANCING

The waiting time with VA financing will be 2 years.

USDA FINANCING

USDA financing will be a 3 year wait from the Short Sale date.

It is a good idea to great prequalified with your lender from 6 months to a year out before you purchase another home. Many times there could be some credit repair work that may need to be done on your credit history to make sure that your credit score and history are reporting accurately.

Do you have a Short Sale experience you would like to share? Please comment or contact me at Ingrid.Quinn@cobaltmortgage.com or visit my website at http://www.cobaltmortgage.com/ingridquinn.

Author: ibquinn

I am a Senior Loan Officer at Caliber Home Loans, with over 32 years of Mortgage Banking experience. I have the expertise and knowledge to help focus in on your homeownership goals and make them into reality. My team of experienced mortgage professionals and I can assist you in all steps of the home buying process and ensure that you have a smooth and hassle-free transaction. Caliber cannot accept mortgage loan applications or inquiries for properties located in New York through this site. Ingrid Quinn NMLS #211652 BK#0923637 www.ScottdaleMortgageExpert.com

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