Home Buying in 63129>Question Details

Boyet, Home Buyer in 63129

In state of California, how soon can we buy a house after a short sale?

Asked by Boyet, 63129 Mon Jan 17, 2011

Help the community by answering this question:


Although your question is a little old, if not for you, I would at least like to give someone out there a glimmer of hope if they happen to stumble onto this question while searching the internet. Although the answers below are all generally correct, I have been successful in getting borrowers into another home in less than two years even if they were told by their realtors that they had to be delinquent on their mortgage payments before being considered for a short sale by their lender. My most recent success story had missed 8 payments by the time they closed their short sale and I was still able to get them approved on a government insured mortgage program. They were shocked and in disbelief I could finance their new purchase after they had been repeatedly told by different lenders they had to wait a minimum of 2-4 years after their short sale before they could buy again. That is not correct! If you are interested in seeing if you can qualify, please do not hesitate to contact me. There are no tricks or trap doors, I just did the extra work that most loan officers either don't want to do or do not have the experience to do. The loan program requires a minimum of 620 credit score and the borrowers MUST income qualify as per minimum government guidelines. There are income limits on this program. For more details please contact me.
Web Reference: http://www.AFN-Loans.com
1 vote Thank Flag Link Sat Jun 18, 2011
You don't have to wait.....

We have a portfolio "2nd Chance" loan that allows you to buy again just one day after Short-Sale or Foreclosure. You can only have one on your credit and you will need a 20% down-payment and 660 mid FICO score. Late payments acceptable.

This loan is available in - AZ, CA, CO, DC, FL, HI, IL, MD, MT, NV, NJ, NY, NC, OR, SC, VA, and WA . Loan amounts up to $4 million +

MORE INFO - http://cbosse.banchomeloans.com/2014/02/20/how-to-get-a-jumb…
0 votes Thank Flag Link Thu May 22, 2014

I have a program that will allow you to buy a home 1 day after a short short or foreclosure in California!

There are minimum requirements you would need to meet.

I'd be happy to go over the program with you to see if this would meet your needs.

Please give me a call at 801.790.0895

Kimberly Hagy
Mortgage Professional
0 votes Thank Flag Link Wed Jun 19, 2013

The link below goes to a short video which explains the timelines required after bankruptcy, short sale and foreclosure events. It's all you need to know in less than 2 minutes, but if you have any further questions, just get in touch.

Rob Spinosa
0 votes Thank Flag Link Sun Jun 19, 2011
4 to 5 years seems to be the common answer, but then it also depends on what you do with the credit rating you have left!
0 votes Thank Flag Link Fri Jun 17, 2011

The answer to this question will depend not only on the short sale, but also the circumstances that led up to it. If you were late on your mortgage payments prior to the short sale, that can increase the length of time you'd need to wait. Part of this depends on the structure of the new loan you intend to take, and whether it will be an FHA loan, conventional or otherwise.

If you'd like to go over this in more detail, just let me know.

Thank you,

Rob Spinosa
0 votes Thank Flag Link Tue Jan 18, 2011
According to Fannie Mae Guidelines, you can buy a home in as little as two years if you have 20% to put down. If you don't FHA guidelines state 3 years. I am hoping guidelines will change to recognize the efforts of a short seller and that they will shorten those time lines.
0 votes Thank Flag Link Mon Jan 17, 2011
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