Mortgage after short sale???

FHA guidelines state 3 years from the date of the short sale. Conventional guidelines say with 10% Down, you need to wait 2 years and put 20% down. Your wife would have to be able to qualify for the loan on her own if you go conventional financing. WilliamAcres.com

If it was not a foreclosure and you last late mortgage payment was over 12 months ago - you may qualify. It doesn't make much sense to "guess" in your situation. Do a pre-approval. It's free and there is no commitments, so it is zero risk. I work for PNC Bank and I can help. Once get a formal written decision from underwriting you will get a clear picture on your scenario. Please contact me for details. Thank you!

Because you missed payments William is correct you must wait two years before being able to qualify for a FNMA loan. If you had been current then you could apply for a new loan immediately. Please visit http://www.ehow.com/how_5306477_mortgage-after-short-sale.html for more information on obtaining a mortgage after a short sale. Here is another article specifically developed for FHA mortgages: http://www.ehow.com/info_8034768_soon-loan-after-short-sale.html.Since the two year waiting period will be up in 2012 you might consider leasing with an option to buy. If you end up buying another person's short sale you might want to check with the lender or an attorney as to the way the rent payments are applied. If you are doing a more conventional sale, just be informed that any credit towards the sales price you get from the rent will be limited to an amount that is in excess of fair market rental. If equity is an issue any amount you are seeking to be credited to you when you close should be made in escrow to guarantee it will be available at closing.To minimize potential hassle over a rent credit you might negotiate that the seller use a portion of the rent paid to offset buyer closing costs.Good luck,Mark

The answer is YES you can get a mortgage after a short sale. Fannie guidelines state you have wait two years before qualifying for a conventional mortgage. However, I have a program that will allow you to purchase a new property immediately after a short sale. There guidelines that you will have to meet to qualify like a 680 mid credit score, no other late payments on other accounts etc... Please contact me for futher details.Home 1st LendingMarc Asaad407-221-9531

As has been stated here, 3 years is the minimum time period you would have to wait to be eligible for a new mortgage. The clock starts ticking the day the foreclosure deed is recorded, which is probably several weeks to several months after the foreclosue sale actually took place. If the loan was an FHA loan, then the clock starts when HUD paid the claim. You should be able to get a copy of the foreclosure deed from your county recorder's office.