Skip to main content

Post Short Sale Loans

An article written by the current president of the Greater Las Vegas Association of Realtors, Heidi Kasama, was published in the Las Vegas Review-Journal on Sunday.  The column, titled On the House, is a question and answer format with the current president of GLVAR answering questions submitted by members of the public.  This article, titled “New law extends penalty time for short-sellers,” was written in response to a question from a former home owner who had short sold a house in May of 2012.  Under previous underwriting criteria, this meant that the earliest they could qualify for a new conventional mortgage was May, 2014.  Typically a conventional loan requires a down payment of at least 10 percent.  A new law went into effect in August which changed this two year waiting period to a four year waiting period.  There are other options for financing available, but only a VA loan requires the two year waiting period.  All other loans require more time to pass after the closing of a short before a borrower will be considered eligible for a new loan.  There is one significant exception – borrowers may buy homes at any time after a short sale, foreclosure or bankruptcy with mortgages funded by private investors.

For more information on qualifying for a loan after a short sale, contact us at or 702-401-2349.

Leave a Reply

Your email address will not be published. Required fields are marked *