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When Can I Get a Mortgage After a Short Sale?

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A short sale is a process that saves the borrower from defaulting on a mortgage. It means that your house is sold at a lower price. This is an alternative way to foreclosure.

This process has a negative impact on your finance, so you need to manage it more thoughtful to improve the situation. In case you ask yourself again how to get a loan to buy a house, you should know that in most cases borrowers are required to wait for 2 years or even more. This is the minimum necessary period after a short sale before you can apply for home mortgage again. However, you can negotiate for quite different requirements depending on a down payment you are ready to make and on a type of a loan you choose.

If you want to get a conventional loan you need to wait for:

  • Two years with a 20% down payment.
  • Four years with a 10% down payment.
  • Seven years with a down payment less than 10%.

So, it’s possible to get a new mortgage, you just need to show your determination and good financial level to be approved.

Not to get into troubles again think carefully what mortgage can you afford.