Home Buying in Palmdale>Question Details

Twadec11, Home Buyer in Hesperia, CA

I did a short sale August of 2010. What are the laws and or restrictions on buying a house again?

Asked by Twadec11, Hesperia, CA Sun Jul 8, 2012

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Good Morning
2 years or longer in most cases.
What type of loan did you have?
When you did the short sale, we're your payments up to date?
0 votes Thank Flag Link Sat Sep 1, 2012
After a Short Sale, Most lenders allow VA buyers get to buy a home in 2 years and others have to wait 3 years and may have to put more down.

Harold Sharpe - Broker
So Cal Homes
(951) 821-8211
California Department of Real Estate Broker License # 01312992
0 votes Thank Flag Link Sun Jul 8, 2012
Your ability to purchase a home will depend on the lender you choose. In my experience,
the decision to grant credit again also depends on your history with the "short-sale" lender
before the debt was satisfied, If your payments were current up to the point when you entered the short-sale process, it will help your situation now. And the reason for the hardship will
also be evaluated.

Contact two or three lenders in your area . FHA might be your most lenient loan source. If you've kept your other obligations current, and your situation has stabilized, you may be close to home ownership again soon!

Best of luck.
Joanne Sterling
Keller Williams Antelope Valley
1401 W. Rancho Vista Blvd
Palmdale, california
Office: 6610265-1000
Cellular: 323-377-7056
0 votes Thank Flag Link Sun Jul 8, 2012
Each lender has their own qualifications for purchasing. Claudia, below, gives one example. I would advise you to speak with at lease two lenders before passing judgement on all. Much will depend on what you have done with your situation since the short sale and how much money you currently have to put down.

I am NOT a lender, I am a Broker in Palmdale, so I cannot speak specifically about any lenders requirements. Good Luck.
0 votes Thank Flag Link Sun Jul 8, 2012
New Application must be dated 24 months from transfer date of short sale.
Minimum 20% down payment.
Good letter of explanation.
0 votes Thank Flag Link Sun Jul 8, 2012
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