How Long after a short sale can I get a mortgage?

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.


Posted in:


why being a picky home buyer could be an issue

Why being choosy as home buyer could be problematic

You’ve decided to buy a home, you’ve gotten preapproved with a lender, your file has…

How earning more income affects your ability to buy a home.

How earning more income affects your ability to buy a home

If you’re thinking about purchasing a house, it’s not just your credit score and your…

how to refinance 2nd mortgage

Is is a second mortgage making your refinance harder? This tip may help…

Mortgage lenders sometimes take an overly gun shy approach to how a mortgage loan is…

How to avoid getting a jumbo loan due to Coronavirus

How to avoid getting a jumbo loan due to Coronavirus

Securing mortgage loan financing right has become a little bit of a challenge for some…

View More from The Mortgage Files:

begin your mortgage journey with sonoma county mortgages

Let us make your mortgage experience easy. Trust our expertise to get you your best mortgage rate. Click below to start turning your home dreams into reality today!