Home Purchase Mortgage Calculators
Mortgage Program Calculators
We provide a comprehensive overview of the mortgage waiting periods following negative credit events such as a short sale on FREEandCLEAR that you should review. The mortgage waiting period following a short sale is typically four years for a conventional mortgage, three years for an FHA mortgage and two years for a VA mortgage. The waiting periods are shorter if you experienced an extenuating circumstance such as a job loss or medical illness that contributed to the short sale. The mortgage waiting period following a short sale if you experienced an extenuating circumstance is typically two years for a conventional mortgage and one year or no waiting period for an FHA mortgage or VA mortgage, depending on your circumstances.
We recommend that you review the resources outlined above and then contact the following organizations to understand their policies and programs that may be helpful to you.
1) Local Lenders. We recommend that you contact three-to-four local lenders to understand how they would handle your unique situation. Click INTEREST RATES to contact lenders in your area.
2) Local Housing Agency. We also recommend that you contact your local housing agency to determine if they offer any home ownership assistance programs to help you qualify for a mortgage. You can contact housing agencies in your area by clicking Housing Agencies and selecting your state.
3) NACA. NACA is a non-for-profit organization that offers mortgage programs designed to make home ownership more attainable. The NACA Mortgage Program enables borrowers to purchase a home with no down payment and no closing costs. The program uses a character-based borrower credit evaluation instead of requiring a minimum credit score. You can contact NACA by visiting the NACA website.
Contacting the organization we outline above will take some extra effort on your part but will help you understand your mortgage options and put you in a position to buy a home when the time is right.