Mark Lentz Real estate serving Tamarac FL
  1. Mark Lentz
  2. Complete Real Estate Options
  3. Guiding You Through The Real Estate Maze
  4. Office: 954.300.5633

Will Completing A “Foreclosure” Or “Short Sale” Affect Me In The Future?


After a foreclosure, you will not be able to obtain home financing for a period of 2 to 7 years depending on what type of loan you had. Below is the breakdown:


  • FHA – 3 years from completion date
  • VA – 2 years from completion date
  • Fannie Mae – 7 years from completion date
  • Conventional – 5 years from completion date


After a “Short Sale” the time that you have to wait to obtain home financing is no waiting period to up to 4 years depending on what type of loan you had and what stage you completed the short sale in. Below is a breakdown:


  • FHA – No time restriction if you were current with the loan at the time of the short sale; 3 years from the completion date if you were not
  • VA – Does not specify; assumed to be 2 years from completion date
  • Fannie Mae – 2 years on a %80 LTV ratios; 4 years on a %90 LTV ratios; 7 years on any greater LTV ratios (from completion date)
  • Conventional – 2 years from completion date


As you can see completing a short sale has an advantage over being foreclosed on.


We understand that right now you may not be thinking about what your future may be. Buying another home might not even have crossed your mind. But, as we have told all of our other customers who have listed their home with us as a short sale, your future will look brighter after you get through the financial crises you are in.


You will most likely want to purchase another property once you are on your feet again. We want to make sure you are in the best position possible to do that. 


Have any questions regarding your future lending situation?


Ask The Complete Real Estate Options Team!




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