Thank you for your question. If you are able to put 20% down on a new home then you are past the 2 year waiting period. If you don't have 20% to put down then you will have to wait one more year before you can purchase. The great thing is that during the next year we can work with you to build your credit score to make sure you are in the best financial position possible, when you are able to purchase again. As a certified Path 2 Buy coach I will be able to put you on a program and put you on the successful path to homeownership. Myself and the Kinslow Team would be honored with the opportunity to work with you.
Please call me with any questions to set up a time to meet and discuss your situation and develope a plan.
There's a few other questions that a lender will want to ask you. You should contact a good lender and discuss your circumstances with them. I know that there's something with short sales if you have to move do to a job transfer and move more then 50 miles, you may be able to purchase another home right away. But, I am a Realtor, not a lender, you really need to talk to a lender. I just forwarded your question to a lender that many of my clients really like. Ryan Urbach of Fairway Mortgage. They are highly rated wit the Better Business Bureau and recently recommended on a local news channel. Ryan will look over all of your information and let you know if you can purchase now or not. On top of that he will go over everything it takes to make sure that you can buy again and help you along the way.
I hope you are able to find what you are looking for. Good luck to you and everyone else who had to do short sales over the last few years.
The Kinslow Team LLC
CFS Mortgage - http://www.cfs203k.com
2yrs is the limit if you go conventional loan and you have a minimum of 20% to put down. The Short sales stays with you for 3 yrs so anything less then 20% or FHA/VA will not allow you to be approved. 3 yrs is the term for these types of loans.
You can buy a home after a two year waiting period if you have 20% to invest as your down payment.
Please feel free to contact me if you have any further questions, I'd be glad to help.
All the best,
Roswell Moore, CMPS
Certified Mortgage Planner
We are a Direct Lender, Mortgage Bank where we originate, process, underwrite and fund, in-house, FHA (w/a 580 score), 203k, VA, USDA, Jumbo, Conventional, loans to Canadians, Australians & other Foreign Nationals, on time. NMLS ID 263779 | AZ BK 0903725
All the Best
Dave & Lisa