When Can You Get a Mortgage Again After a Shortsale?
People often ask me for this information so I thought I’d post it. Bookmark this page so you can refer back to it if necessary.
Conventional Loan
- 7 years if borrower puts less than 10% down
- 4 years if borrower puts 10% down*
- 2 years if borrower puts 20% down
FHA Loan
- 3 years from the completion date
- Wait period is not required if borrower is current on mortgage/debts and is not taking advantage of declining market conditions.
VA Loan
- 2 years from the completion date
- Wait period is not required if borrower is current on mortgage/debts and is not taking advantage of declining market conditions.
USDA Loan
- 3 years from the completion date *
* Extenuating circumstances beyond the borrower’s control such as a loss of job, medical bills, or the death of a wage earner are considered on a case-by-case basis and may shorten the waiting period.
