Loans after short sale

[Anonymous]

I had a short sale that closed out in 2015, with ~2 years of 180 day late payments listed on my credit report prior during the short sale process (which took forever.) I only have one other small credit card account for a couple thousand that was charged off and settled in early 2014. I'm not sure if I would qualify for 'extenduating circumstances' related to the short sale and a shorter wait period, so, lets assume not for now.

What are my options for the following:
A new construction loan
or
a home equity loan (I have a large amount of equity on a primary residence)

Also:
With the 2 years of 180 day+ late payments during the short sale, will that cause me huge issues even if my credit score is 660+? Is there a magic number for the score that will significantly help?

How hard are sub-prime loans to get (that I can refinance later) in general? Do they have them for home equity loans? I'd prefer to not have to wait too long, even if that means spending a bit more money in the short term.

[homeloanexpert]

Hello ,

There are several loan programs that allow a purchase after a short sale. Here is a brief overview:

1.) VA - No specific waiting period after a short sale (some lenders require as much as 1 or 2 years seasoning) we follow VA Guideline, no wait.

2.) FHA and USDA - Short sales are no different than foreclosures. There is a 3 year waiting period from the recorded Trustee Sale. If you had a FHA, VA or USDA loan and the lender filed a claim to the government, you may a CAIVRS claim against you which you will be subject additional waiting period.

3.) Portfolio / NonQM - 1 day after a BK, Short Sale, or Foreclosure. Rates and fees are higher and this program is mostly credit score driven.

4.) Conventional - 4 years

Please feel free to PM me for any additional questions or for a free consultation and evaluation. 

Best wishes!