Bearishgirl, those guidelines are only if you want to get a short sale BEFORE the 3 yr waiting period after short sale for FHA, and BEFORE the 2 yr waiting after short sale for conventional 20% down.
It is pretty straightforward and easy to get a mortgage after a short sale, after a bankruptcy or foreclosure, IF you wait the time periods, you don’t even have to have a great reason or extenuating circumstance for it.
Also, VA only requires a 2 yr wait after a foreclosure and FHA only a 3 yr wait. And all three VA, FHA and conventional loans only 2 yr waits after Chap 7 BK’s. It’s pretty much a slam dunk you will get the loan after these time periods.
Believe me, people who dumped their properties to foreclosure in 2008 and having NO trouble getting back in the market with a 3.5% down FHA loan at 4% right now.
1. VA – 2r wait short sale, BK 7, foreclosure
2. FHA – 3 yrs wait short sale, foreclosure, 2 yr wait BK
3. Conventional – 2 yrs wait short sale (20% down), 2 yr wait BK 7, 7 year wait foreclosure
