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asked Aug 10, 2018 in Buying a Home by Madelyn

1 Answer

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It depends on how the short sale was reported by the lender affected. But assuming worst case, that the lender reported that the account was settled for less than the amount owed, you may still be able to buy one day after a short sale using a non-prime lender. https://themortgagereports.com/25610/how-to-buy-a-home-in-2017-after-a-short-sale

FHA allows no waiting period after a short sale if you were not in default on the prior mortgage at the time of the short sale, and if in the 12 months prior to the short sale, you made your mortgage payments on time. Otherwise, it's 3 years.

If your down payment is high enough, you can buy with a Fannie Mae loan just 2 years after a short sale.

Good luck and thank you for writing.
answered Sep 10, 2018 by GinaPogol (47,650 points)

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