Home Buying in Los Angeles>Question Details

Alex, Home Owner in Los Angeles, CA

Do I have to wait 3 year to purchase a home after a short sale?

Asked by Alex, Los Angeles, CA Mon Jul 8, 2013

I had to do a short sale on my home in 2011, I currently rent and apt, but would like to move to a home, I have been looking at rentals in the LA area (2,000 to 3,000) monthly for a home in los angeles, I thought it would be better to purchase, I have tried the second time around to educate myself a little more when it comes to the housing market. I have asked a few questions, but have been told NO ... it's better to wait until 2014, I guess my question is are there any programs out there that are available, for people looking to buy a home again after a short sale. I have tried to maintain a good credit score . Any advice will be greatly appreciated.

Thank you
Alex

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Answers

6
Thank for the info. Does anybody do piggy back loans or (80/10/10 or 80/5/15 loans).
Do I have to wait 3 years for a CHF loan and what is the income limit for a CHF loan in Los Angeles.
Please advice
Thank you
0 votes Thank Flag Link Mon Jul 8, 2013
Awesome! You should explore buying... you may be able to get the right loan from one of the answers below!~

Best of luck and I am glad you are going for it... it is a very tough and competitive market, so make sure you line up with a very strong buyer's agent to help you.


Ron@select-realestate.com
0 votes Thank Flag Link Mon Jul 8, 2013
Alex, for FHA financing, were you would be allowed to put as little as 3.5% downpayment, you would need to wait 3 years, if you were behind on payments within the last 12 months from the date of short sale. If you were never late on payments, then you MIGHT be able to qualify before 3 years.

For conventional financing, you could get a loan 2 years after a short sale, but you need a minimum 20% down payment.

If you want specific advice, feel free to call me. Even if you're not eligible for a mortgage right now, it's best to hook up with a Loan Officer and see what you must do, if anything, to prepare yourself so when the time comes to finance, you're in good shape. Good luck!

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
0 votes Thank Flag Link Mon Jul 8, 2013
Call Bridgette from WestCom Lending for a pre-qualification. She is good and will tell you straight up if you qualify or not. (818-335-0283) or email at (bridgette4re@yahoo.com). When you're ready to buy, let me know.


--
__________________________
Sincerely,
Caroline Harabedian
Realtor
RE-Search Concept
8700 Reseda Blvd., Suite 213-B
Northridge, California 91324
(818) 967-9626 mobile
(818) 979-0226 fax
http://www.HomesByCaroline.net
Reply To: caroline.wcli@gmail.com
0 votes Thank Flag Link Mon Jul 8, 2013
Alex, for FHA financing, were you would be allowed to put as little as 3.5% downpayment, you would need to wait 3 years, if you were behind on payments within the last 12 months from the date of short sale. If you were never late on payments, then you MIGHT be able to qualify before 3 years.

For conventional financing, you could get a loan 2 years after a short sale, but you need a minimum 20% down payment.

If you want specific advice, feel free to call me. Even if you're not eligible for a mortgage right now, it's best to hook up with a Loan Officer and see what you must do, if anything, to prepare yourself so when the time comes to finance, you're in good shape. Good luck!

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
0 votes Thank Flag Link Mon Jul 8, 2013
Hello, in most cases you do have to wait 3 years. However, the guidelines are changing all the time. It's best to check with your lender. They can look up the details of your previous loan and the current guidelines. Thank you, Kristine
0 votes Thank Flag Link Mon Jul 8, 2013
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