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How long before I can get a mortgage loan?

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Anonymous
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How long before I can get a mortgage loan?

I have a good job, been employed for 18 years making almost $90k, got divorced and had to short sale my house August 2009. So my credit score is still poor at 641. How long before I can find someone to give me a mortgage?

Message 1 of 8
7 REPLIES 7
Lel
Moderator Emeritus

Re: How long before I can get a mortgage loan?

Hi, and welcome to the forums.

 

Were you in default or delinquent at the time of the short sale?

Message 2 of 8
Anonymous
Not applicable

Re: How long before I can get a mortgage loan?

delinquent but the mortgage has been completely paid due to the PMI insurance I had.

Message 3 of 8
Anonymous
Not applicable

Re: How long before I can get a mortgage loan?

How delinquent were you.  If it was 30 or 60 days, they will probably want to see 2 years after the last late and the settlement of the short sale.  If it was more that 60 days late, they will likely count it same as a foreclosure as far as waiting times go and it would likely be 3-4 years.

Message 4 of 8
Anonymous
Not applicable

Re: How long before I can get a mortgage loan?

90 days late

Message 5 of 8
Anonymous
Not applicable

Re: How long before I can get a mortgage loan?

depends on the bank, but some count 90 days late or more the same as foreclosure for waiting period and some go by 120 days late.  In either case, it will liely be at least 2 years past the last lates before you can apply.  If they look at it as a foreclosure then you are talking 3-4 years.

Message 6 of 8
Anonymous
Not applicable

Re: How long before I can get a mortgage loan?

Dang! Thanks!

Message 7 of 8
Lel
Moderator Emeritus

Re: How long before I can get a mortgage loan?

As mickie08 pointed out, having been delinquent on your mortgage probably means that you'll have to wait two years before getting another mortgage.  The question is how your short sale is being reported on your credit reports.  There's no standardized reporting for preforeclosure sales (a term often treated synonymously with short sale, but sometimes incorrectly so), so if your creditor has reported it in such a way that it looks like a foreclosure, then it might be harder to get your file past an underwriter after two years.

 

Technically, since you didn't go into foreclosure (or have a deed-in-lieu of foreclosure), then you shouldn't be absolutely blocked from getting a mortgage after two years.  Keep in mind, however, that whereas Fannie Mae sets the minimum waiting periods for purchase after adverse actions, individual lenders may apply stricter qualifying criteria.

 

You can read more about Fannie Mae's policies here:

 

Fannie Mae announcement 08-16

 

Fannie Mae announcement 08-16 Frequently Asked Questions

 

 

I don't believe these have changed since they were issued two years ago - at the very least, I haven't found any updated guidelines, but maybe someone will find something more recent.

Message 8 of 8
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