Start with the end in mind! Talk to a mortgage broker, Susan Brown at PHH 312-339-8249, and get a handle on your credit score. Your score may be up and better than you imagine even after the short sale and you may be able to take advantage of still low interest rates. Many people are able to buy again within a short timeframe. Next, talk to a realtor, me ;D, about what your home is going for in the market right now. At that point you will have the adequate information to make a decision about whether it is prudent to make the move now. One other factor to mitigate toward making a move now is that intterest rates are inching up gradually after having been kept down due to the housing crisis.
Let me know how I can help!
To qualify for loan after a short sale you have some general rules. Fannie Mae will finance you two yours from the completion date of the short sale and Freddie Mac will back you loan four years from the completing date of your short sale. It sounds like you may qualify for a Fannie Mae loan. Contact Mary Kay Laurent with Guaranteed Rate at 773-516-6859. She is amazing and she will be able to tell you exactly when you can by and how to get you qualified. Best of all this is no cost to you and it is worth it so you know what you need to do.
Regarding the IRA many retirements programs allow access to money for home purchase. Talk to your benefits person in HR about how your individual account is structured. Also, talk to a few mortgage people. They will know the changing and fluid mortgage rules and options.
You need a little more than a Realtor in this case as you have some investments for your retirement. I suggest speaking with a financial planner as well as a Realtor, have them work together to create a plan for you so you don't make any mistakes over the next 5 years and are able to by the place you want and sell your current home.
Sohail A. Salahuddin | Founder and Team Leader
Innovative Property Consultants Group | Sales and Leasing
Jameson Sothebyâ€™s International Realty
425 W. North Ave. | Chicago, IL 60610 â€¨
O: 312.335.3230 | C: 312.437.7799 | F: 847.805.6030
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