In order to get a mortgage despite having a short sale, you’ll have to provide some things to the mortgage lender including the final closing statement and/or copy of the deed on the note that was short saled previously. This is probably in the documents you receive from the title company when you did the short sale in the past.

Besides normal mortgage loan qualifying including credit, debt, income and assets, to purchase a home with a previous short sale or to refinance for the previous short sale there needs to be 20% equity in the transaction at the minimum and its 24 months from the date last reported on your personal credit report. If the day after, day 25 that you can either get into contract to buy a home or start the application process with a lender to complete a refinance. This is for a conventional standard, like a 30 year fixed rate with no monthly mortgage insurance.

On the other hand with either an FHA loan or a VA loan it’s 36 months last reported from the date last reported on the most recent credit report. In previous blog posts, we specifically go into the details about how to get a mortgage post short sale, foreclosure or bankruptcy. If you’d like to get a complementary mortgage rate quote, we can offer you no obligation numbers, so you can determine what makes the most sense for you.