Question by SKFB: How soon can someone get a mortgage after a short sale?
It has been over a year since the sale of the property. The individual has purchased a property in cash – owner occupied. This would be an additional property on a mortgage. Credit is unblemished besides short-sale.
Best answer:
Answer by Bob
The financing guidelines are very clear. If you have no other blemishes on your credit and were not 30 days late on your mortgage in the past 12 months the short sale will not disqualify you for an FHA loan. Conventional financing will require a minimum of two years after short sale before you will qualify.
What do you think? Answer below!
Question by wermiller: How long does it take to get an answer when applying for an FHA loan?
I faxed all the paperwork needed to get a pre-qualification on an FHA loan today and our lender will probably submit the documents tomorrow morning. About how long would it be to get the answer? And after getting the pre-qual. how long does it take to close on a property once picked?
Best answer:
Answer by keepyoureyeswideopen
A pre approval can be done in about 5 minutes
Full approval can be done in a couple days after you submit all the required documentation. Every company has different times frames of course.
You could close in about a month after you find a property, prostate a lot of that depends on the seller.
Give your answer to this question below!
I took an FHA loan application today. She brought all paperwork I asked her to bring. I had her pre-approved before she walked out the door an hour later. If she gets an accepted contract tomorrow we could close within 7 days if need be. I could even do it quicker if it had to be done.
Note: Pre-qualification is different from pre-approval. Tell your loan officer you want to be pre-approved which means much more than a pre-qual.
I can get you an answer in 20 minutes. That is pre-approval. Once submitted depending on what lender it could take two weeks to a month to close. Why not let me try?
Hello,
In regards to your question, i would advice you to visit Clarkson Micro Finance Incorporated.
Few months ago when i had a bad credit a friend of mine introduced me to them, Inspite of my bad credit they were able to lend me a loan of 25,000, British pounds within the space of two days of which i used to revive my business, I think you too can do the same as well, regardless of your nationality.
You can reach them via clarksonloaninquiry@yahoo.com
Sincerely,
Victoria Dingley,
From Newcastle, England.