Home Buying in 63129>Question Details

Jess1023, Home Buyer in Owensboro, KY

When can we buy another house?? My husband and I short sold our home in 2009.

Asked by Jess1023, Owensboro, KY Wed Sep 19, 2012

We closed Sep 24th 2009 it will be 3 year Monday. Can we buy another house Tuesday?? I am just trying to find out if the short sell comes off right away or is there someone we have to call?? Any information about this will be helpful :)
Are credit score is good so that is not a problem. Thanks Jessica

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4
There are some things this can be contingent upon. Though short selling is better than foreclosing there is sometimes a small dent in your credit rating because of it. I would say talk to a lender. Ask question and try being pre-qualified. You may be surprised!
0 votes Thank Flag Link Wed Oct 3, 2012
Hi Jess,

It depends on a couple of things.

1) Were you late on the previous mortgage leading up to or through the short sale?
If you were late, you need to wait until 3 years from the sale date have passed so you would be good staring 9/25/2012. If you were not late on the mortgage you maybe eligible now.

2) What type of loan did you do the short sale on?
If it was an FHA loan and FHA paid a "claim" as result of the short sale, you have to wait until 3 years have passed from when FHA paid the claim.

3) If you have 20% down you maybe eligible for a conforming, Fannie Mae/Freddie Mac mortgage right now.
0 votes Thank Flag Link Thu Sep 20, 2012
Hi John, We were late on our mortgage, so we will have to wait the whole 3 years. We also had an FHA loan when we short sold our home, so how would I find out when the claim was paid?? Would that be when we closed on the house? I have called the hud number twice and they can never tell me anything about our short sell?!? Thanks Jessica
Flag Thu Sep 20, 2012
There are many factors that are involved in answering your question. It depends on your individual credit scores, your debt to income ratios, how much money you have to put down, the value of the home you want to buy and much more. It is also very dependent on the type of loan that you are trying to get - VA, FHA, Conventional, etc. You need to sit down with your LOCAL HUD counselor and have them review your financial status with you to help you determine when you will be able to buy again. Please note though, that Congress periodically changes the rules. So even if you are told you need a credit score of XYZ today, the rules can change tomorrow and you might need a credit score of ABC instead with a different amount down. Your LOCAL HUD counselor can also help you find a LOCAL mortgage lender who will know if there are any special financing programs that you may be eligible for. Good Luck.
0 votes Thank Flag Link Wed Sep 19, 2012
You can buy another house depending on your current credit score, debt to income ratio, etc. Feel free to contact me at 314-608-6821 for more information.
0 votes Thank Flag Link Wed Sep 19, 2012
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