How long will it take to get a new mortgage after a short sale?
It may be faster than you think to get into a new home after a short sale! It may take just 2 to 3 years or less to get a new mortgage after your short sale closes. See the individual guidelines:
FHA
3 years, but exceptions may be made if borrower was current on all payments at time of short sale, or an extenuating circumstance can be documented.
VA
VA has no standard required waiting period after a short sale, however lenders will generally require two years after a short sale to write the loan.
USDA
3 years, although a few extenuating circumstances exceptions may be allowed.
Fannie Mae
4 years, or 2 years with extenuating circumstances.
Freddie Mac
4 years, or 2 years with extenuating circumstances.
Portfolio Lenders
No set periods, and may vary by lender.
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Last Updated on July 22, 2024 by Minna Reid