When will I qualify for a loan??? I had a short sale in Sept. 2010 and then a bankruptcy that was discharged in Jan of 2011.

October 2013 will be the soonest you can apply for an FHA mortgage.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Generally speaking, October 2013. You must wait two-years after the bankruptcy, and three-years after a foreclosure. BUT, using conventional lending guidelines, some consumers may obtain a Fannie Mae backed mortgage 24 months after the close of their short sale with at least 10% down payment. While Fannie Mae guidelines say it is possible at 24 months, I don't know a single lender actually doing it.

FHA will require a full three year from the date the short sale recorded. The very next day you should be able to close escrow on your new purchase. HOWEVER, if you were never late on your mortgage payments prior to escrow closing in a short sale, then you may be eligible sooner, but not sooner to the day after two full years from the date your Chapter 7 BK was discharged. My advice would be to meet with a local Mortgage Banker/Broker now to get a jump on fixing your credit. Most folks that come out of a bankruptcy have their credit all messed up. You have time to get it fixed so that everything is reporting correctly while you are still in your waiting period. Nova has Offices in Chicago, and we'd be glad to help. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950

first , was it a chapter 7 or a 13?? was the house in 2010, and part of that in the bk?? are you VA person?? the safest rule is if you are VA LOAN,, rwo years from discharge, and i do have two lenders that will take a FHA loan , in two yrs but there are requirements, and circucmstances, so normally 3 yrs for FHA, AND 5yr for conventional, and the most important , was your short sale or any loans in the bk a FHA LOAN??

Hello Lowell, The most flexible guidelines for financing a home are typically with an FHA mortgage. With this in mind, if you are looking to purchase, you will need 3 years from the short sale date / 2 years from the bankruptcy discharge date if you filed a Chapter 7. The key here is that with the short sale date, it must be the date that the deed was recorded as being sold. You will want to keep good records regarding the sale, as this will become very important as once you have fulfilled the time requirement. In addition, by today's standards you also need a 640 credit score, we can only hope that the same credit requirements will be in place in 2013. I would urge you to begin rebuilding credit now, while you are in the process of allowing time to elapse. 2013 will be here before you know it.Cecelia MarlowVice President - The Federal Savings Bank312-738-6294www.yourhomeloanpartners.com

October 2013 would be the soonest you could close due to the short sale so long as you choose to get FHA financing. Although you score may qualify now, it will be critical to make sure you have re-established credit and sufficient number of new tradelines to satisfy the underwriting guidelines. Good luck and Go Cubs!