I think this is going to be coming up many, many times in the future. We are creating a whole generation of "walk-away" folks by either choice or circumstances have lost their homes via the foreclosure route. I almost anticipate a special program for those who lost their homes to surface in the near future as this is going to be heard over and over again. You can usually get a loan if you REALLY WANT ONE!! The "hard-money" is still out there but it is in private hands. Secondary financing as a whole is down 85% from the height of the market! But "private hard money" is there. I'd only reccomend it if you absolutely got a screamin' deal and see big upside. I've been hearing stories of 9%, 4-6 points, for owners refinancing out of old "hard" money to new!! Cavaet Emptor!!

If you had a short sale on your house in 2009 you will have to wait 2 years (2011) to be able to qualify for another home loan.

Do you have some cash to use towards downpayment. You should qualify for a FHA loan which also needs 3.5% down. You will also need some money towards closing costs which I am not familar with in your specific area. I suggest you look up an agent in the "find a pro" feature here and get assistance there.

Best of luck


-Sean

Dear Hopingtobuy,

What I would suggest is that you speak with a lender. That would be the very first step I would suggest to you. If you need some lenders, I would be happy to give you a list so you could call to figure out if you could buy again now or if you would have to wait.

Let me know if I can get you the numbers!

Kind regards,

Joan Patterson, B.A., A.S.P., G.R.I., Realtor
Keller Williams Realty
8250 White Oak Avenue, Ste 102
Rancho Cucamonga, CA 91730
951-204-1864 http://www.calljoan4homes.com