Here are some general time frames for getting a new home loan after going through a short sale. These time frames are general, and may be different for each lender. Please consult your loan professional for specific information that applies to your circumstances.
Conventional Loan
Short Sale
Deed-in-Lieu of Foreclosure
- With a less than 10% down payment: 7 years from date sale closed and transferred to new owner or transferred back to bank.
- With a 10% down payment: 4 years from date sale closed and transferred to new owner or transferred back to bank.
- With a 20% down payment: 2 years from date sale closed and transferred to new owner or transferred back to bank.
- 2 years from date sale closed and transferred to new owner or transferred back to bank may be possible with acceptable extenuating circumstances and 10% down payment.
FHA Loan
Short Sale
Deed-in-Lieu of Foreclosure
- 3 years from date sale closed and transferred to new owner.
- No waiting period if borrower had no late payments on any mortgages and consumer debts within the 12 month period proceeding the short sale, AND they are not taking advantage of declining market conditions
** Information provided here is for informational purposes only. Please consult your loan professional for specific information and guidelines as it pertains to your circumstances. All applications are subject to underwriting guidelines and approval. Not all programs available in all areas.