Eringreen63, Home Buyer in North Bend, WA

We sold our house as a short sale. When can we purchase another home?

Asked by Eringreen63, North Bend, WA Thu Feb 14, 2013

Help the community by answering this question:


2 years on a conventional loan, 3 years on an FHA. Earlier if you find a way to get the short sale removed from your credit report or do a lease option.

Good luck to you in any case,
Jirius Isaac
Isaac Real Estate Team
Champions Real Estate Services
TriStar Finance #MLO-107799
Office: 425-483-6849 Cell: 206-841-9976
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1 vote Thank Flag Link Sun Feb 17, 2013
George is correct. There are programs out there financing folks one year out from a short sale. I can recommend a local lender who can give you all the specifics if you like.
0 votes Thank Flag Link Thu Jun 19, 2014
This is a great home study course about building credit.

Text: "MYBESTCREDIT" to 617-299-7297 for FREE credit report & articles to credit repair.
0 votes Thank Flag Link Fri Oct 11, 2013
Hello Erin,

I got to tell you, you're going to get as many answers as people reply. I have researched the area you are wanting to buy and it appears there some areas that will qualify for a special program we offer that allows a borrower to qualify with as little as one year after a short sale even if your credit report shows mortgage late payments leading up to your close of escrow. This is an awesome program but it has income limits and strict area restrictions. If you were buying in North Bend then it would be a piece of cake as that area is wide open for this program, but unfortunately Spokane Valley is pretty limited. Please contact me direct and I will happy to guide you in the right direction. We are licensed in WA. For additional information, please click on the links below and by all means, please read some of the comments which should hopefully silence some of the naysayers.

Best of Luck!……
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0 votes Thank Flag Link Tue May 28, 2013
Unfortunately all 3 replies are incorrect regarding FHA Loans. If you want a conventional loan with 20% down you must wait 2 years from when the short sale appears on your credit report. HOWEVER with FHA, YOU MAY APPLY ONLY ONE DAY AFTER THE SHORT SALE AS LONG AS YOU WERE CURRENT (NOT LATE) ON THE MORTGAGE FOR THE PREVIOUS 12 MONTHS AND HAVE AT LEAST A 580 FICO SCORE. I know this is accurate because i am currently in possession of FHA PRE-QUALIFIED LETTER after also experiencing a short sale. The key factor is not being late for 12 months and at least a 580 Fico.
0 votes Thank Flag Link Wed Mar 20, 2013
After a short sale lenders won't take applications for 2 years.
0 votes Thank Flag Link Thu Feb 14, 2013
Hi Eringreen63,

As long as you have the income and your credit improves (negative affect of the short sale), you should be able to purchase again in 2-3 years.

Shanna Rogers
SR Realty
0 votes Thank Flag Link Thu Feb 14, 2013
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