Prepare to get a Mortgage

Can I get a Mortgage After Foreclosure or Short Sale?

If You’re Wondering, “Can I Get a Mortgage After Foreclosure or Short Sale?” the answer is YES.

Mortgage Qualifications

Loan Modifications can help you keep your Home!

Whether you’re looking for an FHA, Conventional or VA loan after Short Sale or Foreclosure, I’m here to help you find an affordable home. Contact me to look in Lakeville, Apple Valley, Rosemount, Farmington and beyond.

FHA Loans:

Most buyers can obtain a new FHA loan 36 months after their foreclosure or short sale.  Of course, you need a good line of credit following the incident; this includes paying all your bills on time in the last 12 months as well as having money saved for down payment.  The down payment needed for a new FHA loan can be as low as 3.5%.

Conventional Loans:

Buyers may be eligible to purchase with a conventional loan so long as they can provide a 20% down payment. Doing this helps you avoid expensive mortgage insurance that is required on loans with less than 20% down payment.

VA Loan:

Much like a conventional loan, you can obtain a VA loan 2 years after completion of a short sale or foreclosure on a prior VA loan with zero down payment.

A Word of Caution:

The time frames are from when your foreclosure or short sale was officially recorded with either FHA or the county recorders office and those dates can sometimes be several months later than the date you moved out of the house.

Mortgage officers are eager and ready to help out.  They all suggest the sooner you contact them in this process, the more they can assist you.  If your short sale or foreclosure was finished just 1-2 years ago and you definitely want to plan for a new home, it’s a good time to start.

If you’re looking to buy a home I’m happy to connect you with a reputable Loan Officer. Call me at 612-889-6496 or email [email protected], I look forward to hearing from you! 


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