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Mortgage Blog

When do I qualify for a Pennsylvania mortgage after a short sale?

February 25th, 2013 5:22 PM by Michael and Jill Kohler

A pre-foreclosure or short sale is the sale of a property in lieu of a foreclosure resulting in a payoff of less than the total amount owed, which was pre-approved by the servicer.

The waiting period requirements for applying for a conventional mortgage backed by Fannie Mae are:

2 years for transactions with a minimum of 20% down, 4 years for transactions with a max ltv of 90%, and 7 years for transactions with an ltv greater than 90%.

FHA qualifications are a little bit different, you need to wait 3 years after a short-sale to qualify for an FHA loan. You can’t be late on any mortgage or installment loans during the 12 months prior to the short sale.

For a VA loan, you need to wait 2 years after a short sale to qualify for a VA loan.

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Posted in:General and tagged: Pa Mortgage rates
Posted by Michael and Jill Kohler on February 25th, 2013 5:22 PM

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