Bgill488671, Renter in Sarasota County, FL

I did a short sale here is my question how long do I wait until a can buy another one

Asked by Bgill488671, Sarasota County, FL Sun Jan 16, 2011

It has been two years that I did this short sale I was told by one realtor that now I have to wait three years
before I can purchase another one I am renting right now I just want to now what are the laws on short sales
I was told a year ago that I had to wait two years after the sales.

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Jose Morales’ answer
This will vary from lender to lender and depending on the type of loan you are getting whether it's a Conventional or an FHA loan. The most lenient lender I have on the Conventional side will consider you with only 2 years since the short sale if you are putting 20% down, 4 years if putting 10-19.99% down and 7 years if putting less than 10%. This of course assuming that you meet the minimum credit score and tradeline requirements. On FHA you would have to wait 3 years after a short sale regardless of down payment. Again score and tradeline requirements have to be met. However, depending on the circumstances under which you did the short sale, especially if you were current at the time of the short sale that period may be waived on FHA. For more information call to discuss further.

Jose Morales
Florida Mortgage Coach
1 vote Thank Flag Link Sun Jan 16, 2011
Unless you intend to pay cash, the first step is to speak with a licensed mortgage broker to see if you are qualified. If your credit score has been, you have a job and are able to put down 20%, then you have a good shot at it. Good luck!
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0 votes Thank Flag Link Thu Jan 20, 2011
This is a tough question … there are several variables.
Like; who will be underwriting the loan … FHA … Fannie, Freddie or private investor? Have you been late on anything is the past two years? When you did the Short Sale on your home were you behind on your mortgage at the time (believe it or not some people were current up to close)? Also remember (if you’re going with the 2 year scenario) it’s 2 years from the date you closed not the date you started the Short Sale process.
Tell me a little bit about your situation.
0 votes Thank Flag Link Sun Jan 16, 2011
I can highly recommend with HomeBanc. She will give you an accurate idea. May be better to wait before only being able to do an owner financed deal.
0 votes Thank Flag Link Sun Jan 16, 2011
About 2-3 years
Look for an owner that will do owner financing now

Kevin Cloutier
Southern Premier Realty
0 votes Thank Flag Link Sun Jan 16, 2011
Most lenders require 2 years+ Best confer with a mortgage broker determine if you qualify for a loan Virtual answer not to your benefit

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
0 votes Thank Flag Link Sun Jan 16, 2011
There are NO laws governing when you can apply for a new mortgage. Previous guidelines were minimum of Two years before one qualified for a new loan. You would need to talk with a Mortgage Lender (Bank) or Mortgage Broker. Different Lenders have some very new programs which you may qualify for. Start there first.
Jim Soda
The Soda Group
Keller Williams Lakewood Ranch
Sarasota, Florida
Web Reference:
0 votes Thank Flag Link Sun Jan 16, 2011
There are no laws on "Short Sales" I have never heard of a limit on "Short Sales" purchases. Investors are buying mutiple "Short Sales" it depends on your ability to buy at cash or gaining mortgage approvals. Recently Bank of America told one of my investors she could have no more than 6 mortgages at one time. There was a time where the number was 10 and another was 5 the rules all the time.

Talk to a mortgage broker to see what you qualify for in terms of $$. That will tell you what you can do.

If you were a seller in a "Short Sale" it may have an effect on your credit report but most times it will show as "loan paid" then in the notes it may say "loan paid less than owed." Check with your lender..

As a buyer "Short Sales" & "Foreclosures" are all about the money, the money you can save versus buying a retail MLS home. If you can't save 40% - 50% - 60% on a home including any repair or cleanup cost you should run away. There are too many excellent choices for a qualified buyer.

I have sold and purchased "Short Sale" & Foreclosure" homes in beautiful condition fully furnished the sellers walked they just wanted out. Also homes that were junkers but the deal was too good to pass up it's all about the $$$.

My wife and I live in a home we recently purchased as a "Short Sale" it was alot of paperwork and time for me the agent. But in the end the bank reduced the amount they were owed on the loan by $325,000 we got a great deal. The home did not need any repairs as most foreclosures do it was move in beautiful condition. With "Short Sales" be flexible with the location to get the best deal.

Thank you,
Bill Carey, Broker/Realtor
Cell 704-905-0740
Fax 866-343-5945 l
0 votes Thank Flag Link Sun Jan 16, 2011
The only true way you will be able to know if this is acceptable is to meet with a local and trusted mortgage broker, they can prequailify you at no cost, they will look at your credit plus your financials and let you know if there are any programs that you may quailify for. No one can estimate without seeing if you re-established your credit or how they reported your short sale on your credit. you can negotiate how they repaort your credit and by doing so can be alot less negative. so see a loan ifficer and let them guide you. the other variable is what did they do with the amount you were short, did they forgove it, or do you still owe it?

Please see my blog with tips and advice on how to get a mortgage in todays market
0 votes Thank Flag Link Sun Jan 16, 2011
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