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After the Short Sale
One of biggest questions asked by a client is, "How long do I have to wait to purchase a home after a short sale?" Below is an overview of the required waiting periods after a short sale:
| Waiting Period Requirements | New Loan Type | Down Payment | Specific Criteria | |
|---|---|---|---|---|
| Level 1 | None | FHA | 3.50% | No late payments on credit accounts during short sale (including mortgage) |
| Level 2 | 1 Year | FHA | 3.50% | 1) 20% decrease in household income due to loss of employment/loss of income out of their control for a 6 month period (loss of income must have caused short sale) 2) HUD approved counseling must be completed 30 days prior to submitting loan application (per Regulation X) and writing offer. |
| Level 3 | 2 Years | Conventional | 20% | No additional criteria to standard Conventional guidelines |
| Level 4 | 3 Years | FHA | 3.50% | No additional criteria to standard FHA guidelines |
The above are standard guidelines for after a short sale. Please contact us and we can discuss some of the other guidelines and refer you to some local lenders to look at your exact situation.
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