I have been getting quite a few calls on how long you have to wait until you can purchase a ‘property owner occupied’ after having a short sale on a previous home. So I’m going to try to clear up some of the confusion.
FHA/VA will not require a waiting period if borrower had no late payments on any mortgages and consumer debts within the 12 month period preceding the short sale and they are not taking advantage of declining market conditions. However, I’m finding quite a few borrowers who were advised not to make their payment before the short sale. So for those borrowers, the wait is 3 years. A Conventional loan is 4 years wait and 10% down payment.
Hopefully this helps.
If any questions on short sales,
I can be contacted at:
DEPENDABLE MORTGAGE CO.
Rhonda Sherman, Owner
License # 100008357 NMLS # 381084
145 Grand Avenue, Suite B
Grand Junction, CO. 81501
Office: (970) 257-1502 Cell: (970) 250-8613
Website: Dependable Mortgage CO.
Regulated by the Division of Real Estate
An Equal Housing Lender