The primary limiting factor for post-short sale buyers is the “loan-to-value” ratio – or how much the buyer is able to put down on the home. An LTV of 80%, for example, would mean that the borrower paid 20% of the loan “down” in cash. The loan covers 80% of the home’s appraised value.
Here is how long a buyer must wait to obtain financing after a short sale:
FHA Back-to-Work Program
12 months
Conventional
2 years (with extenuating circumstances)
4 years (without extenuating circumstances)
FHA
3 years (from sale)
VA
2 years (from sale) if borrower was not delinquent at time of transfer.
3 years (from sale) if borrower was delinquent at time of transfer.
USDA
3 years (from sale)
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Kick your feet up while we crunch the numbers. Pre-approval can be done very quickly if you provide a complete and accurate loan application and supporting documentation.
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