Financing in San Jose>Question Details

Sis, Home Buyer in Cucamonga, CA

sod 2 homes on same day,but 1 home didnt close until after the other do we have to wait 24 months on both in order to qualify for a home loan.

Asked by Sis, Cucamonga, CA Thu Feb 9, 2012

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7
The question would be, why do you feel you need to wait 24 months, It sounds like the short sale rule. Keep in mind in 24 months you can buy but only with a VA loan or with 20% down. Otherwise the wait is 7 years conventional and 3 year FHA. There are lenders that will lend to you today, but you may not like the terms.
1 vote Thank Flag Link Fri Feb 10, 2012
Were they short sales? If not you should be able to buy right away.
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1 vote Thank Flag Link Thu Feb 9, 2012
Hi,

I am running the risk of looking like a smart aleck but, if you need to wait two years, you don't think one day will really make a difference, do you?
0 votes Thank Flag Link Tue Feb 14, 2012
Click on the link below and read my blog. It will help you understand what your options are.


Best of Luck!
0 votes Thank Flag Link Sun Feb 12, 2012
Were these short sales? If so the soonest you can get a mortgage is generally 2 years after the deed for the last sale transferred out of you name. Let me know if you would like me to look up that date for you.
0 votes Thank Flag Link Fri Feb 10, 2012
Hi Sis,
Wait a few years to buy, prices are declining. Good Luck
0 votes Thank Flag Link Fri Feb 10, 2012
Thank you for your question:

The first responder said it best. As long as they were not short sales, you can get financing for your next home at any time that you want.

Right now Real Estate prices are artificially depressed, but those Real Estate prices will not remain depressed forever. I recommend that you get a home of your own while Real Estate prices are still depressed.

Also, interest rates are the lowest that they have been in over 50 years, but those interest rates will not remain low forever. Now is the time to lock in a low interest rate.

Also rents are rising and those rents will continue to rise. When you get a home of your own, your costs of financing remain the same as long as you get a fixed interest rate loan.

No matter what happens, your costs on that loan will not increase, no matter how much interest rates rise and Real Estate prices rise.

Thank you,
Charles Butterfield MBA
Real estate Broker/REALTOR
American Realty
Cell Phone: (408)509-6218
Fax: (408)269-3597
DRE#00901872
0 votes Thank Flag Link Thu Feb 9, 2012
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