As to your 2nd question, yes there are many investors out here purchasing many of the homes but there are still many homes being purchased as the buyers primary residence. Prices are still low and interest rates are great. Keep up your credit and when your ready to buy again look for a REALTOR who will work hard for you.
John L Johnson II
CA DRE Broker Lic# 01312900
J-N-J Real Estate Services, Inc.
8560 Vineyard Ave. #404
Rancho Cucamonga, CA 91730
Yes, you can possible purchase another home in two years. You will need 20% down for a conventional loan in that two year period. In three years you are considered a first time home buyer and can also qualify for an FHA loan. But, You must re establish your credit. Which is not that difficult if you start now. I specialize in short sales and have past client's that are now homeowners again
If you have further questions on building your credit. please feel free to contact me. 909-809-2317 or ClydeProxrealEstate@gmail.com
I'm sorry that you needed to short sale your home. Waiting period for getting a house after a short sale for FHA loan is three years, for VA loan is two years. Please make sure that during this waiting period you never have any late payments on your credit card. True investors are buying a lot and unfortunately there is no way to predict if Rancho Cucamonga community will mainly be a rental community but that seems unlikely. When you are ready to buy either email me at firstname.lastname@example.org or call me direct at 909-200-9280. Day Creek Realty gives "cash back" to all buyers after close of escrow. Thank you.
Real Estate Broker/RealtorÂ®
DAY CREEK REALTY
Rancho Cucamonga, CA
Typically, it is three years that you will have to wait to be able to purchase again. However, it all depends on your credit as well-what it looks like then.
You are correct that investors are buying homes and renting them out. I cannot tell you if your community will become mostly renters. I wish I had a crystal ball, but I don't. However, I can tell you that there are more and more rentals out there due to the investors buying and holding on until prices come back up.
Joan Patterson, B.A., G.R.I., Realtor, License #01431647
Keller Williams Realty
Three years is the rule of thumb lenders will go by, though many state less, in extenuating conditions, such as medical issues, loss of income, etc.
Best of Luck;
CEO & SR Credit Repair Specialist of
Everlasting Credit Repair