Home Buying in 91765>Question Details

Peaceandpowe…, Real Estate Pro in Bell And Hurd, Paine...

When can you buy another house after you do a short sale on your current house?

Asked by Peaceandpowerparenting, Bell And Hurd, Painesville, OH Sat Sep 15, 2012

What else should be "good"?

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Maria Cipollone’s answer
You have to wait minimum three years after you finalized your short sale. Banks are starting to lend again to those who polished their credit. Is better for you to contact a mortgage broker because they have access to banks and private lenders.

Best of Luck,

Maria Cipollone

2 votes Thank Flag Link Sun Sep 16, 2012
12 months with HUD's new Back to work program, I would recommend The Lenders Network they can help you find a lender who can help you.
3 votes Thank Flag Link Thu Oct 31, 2013

good News under FHA You only have to wait 3 years after the short sale close date to buy again

Omar Khamisa
NMLS#: 369325
Mortgage Loan Manager
Cell: 510-648-5535
we are not a bank we 're are better
1 vote Thank Flag Link Thu Oct 31, 2013
Hello Oscar here I am in wholesale and correspondent lending.
on August 15th FHA Released a Document called Mortgagee Letter 2013-26 This document talks about former home owners whom lost their house in Short sale, Foreclosure and deed-in-lieu and were even forced to file BK, this program is called... Back to Work - Extenuating Circumstances
and is the only traditional loan that will give you a low rate with a low down payment

the only requirement is that you document that the reason your house was sold in a short sale was due to a loss of income.

Inbox me if you need a copy of the letter and if you need a Lender that can get you into a loan let me know I will be happy to refer you to one of my top originator.


Cell 626 703 3200
1 vote Thank Flag Link Tue Sep 3, 2013
In most cases if you plan to get a conventional loan, you'll have to wait for 2 years. But with FHA, you most likely can buy now as long as your income is good.
1 vote Thank Flag Link Sun Dec 30, 2012
As mortgage broker i have Lenders will do Loans after 2 years!
1 vote Thank Flag Link Thu Oct 25, 2012
You may be able to get financing soon after a short sale if you have good credit, assets, and extenuating circumstances. But if you don't have all of these then its 3 years from the deed transfer for conventional and FHA and 2 years for VA.
1 vote Thank Flag Link Sun Sep 23, 2012
You have the ability to purchase in 3 years, but you will need to contact a lender and find out what the requirements will be at that time. You might talk to one now so that you can create a plan that will work for you and your family. Your purchase ability will be based on the same criteria that it is now. Down payment, loan amount, interest rate, FICO Scores, debt ratio and employment.

Diana Margala 909-560-04145
Web Reference: http://www.dianam.com
1 vote Thank Flag Link Sun Sep 16, 2012
It depends. I do have a lender who can close loans immediately after a short sale, but it's on a case by case basis.

Give me a call to discuss your situation.

Nick Socha
Century 21 Amber Realty
DRE #01831474
1 vote Thank Flag Link Sat Sep 15, 2012
You will want to check with your mortgage lender or broker as each loan program differs.
0 votes Thank Flag Link Thu Oct 23, 2014
The guidelines are constantly changing. I believe that it is now 4 years for a conventional loan. 3 years if you purchase with an FHA loan. There is a loophole that will allow someone to buy in 12 months. That is if you can prove that it was due to some extenuating circumstance. I would call a direct lender and ask the same question and provide your info to see if it is possible.

All the best,

Alex Montelongo/Broker
Coldwell Banker Star Realty
562-810-7387 Cell
BRE Lic #01456982
0 votes Thank Flag Link Thu Oct 23, 2014
Please check with a local mortgage broker and he can give you the answer after asking you the necessary questions about your particular situation.
Thank you,
Larry Hodel, Realtor
BRE 01442093
First Team SnS Real Estate
(909) 210-6355
0 votes Thank Flag Link Sat Sep 13, 2014
Fannie Mae has announced that on August 16, 2014, they will be changing the waiting period associated with the purchase of a any home after a short sale (or a deed in lieu of foreclosure), FROM A MINIMUM OF TWO YEARS, TO FOUR YEARS.
0 votes Thank Flag Link Wed Jul 16, 2014
In most cases you must wait at least two years after a SS to buy another property

Kawain Payne, Realtor/Notary
0 votes Thank Flag Link Mon Mar 3, 2014
Depending on the reason for the short sale, there are some credit unions that offer the ability to get a loan right a way. It is a 5 year arm, but they are available.

Contact me if you would like more information .

Diana Margala
Web Reference: http://www.dianam.com
0 votes Thank Flag Link Sun Nov 17, 2013
FHA Back To Work Program waives Foreclosure, Bankruptcy, And Short Sale waiting periods. Visit http://www.whywaitbuytoday.com and see if you qualify for a refinance today.

CFS Mortgage
0 votes Thank Flag Link Sun Nov 17, 2013
2 years in most cases. Some people can buy after 1 year but you have to qualify.
0 votes Thank Flag Link Fri Nov 15, 2013
Yes, but you need to wait at least 12 months. For mortgage help, call or email for a free pre-approval in less than 10 minutes. We lend our own money and are licensed in 49 states and you can apply online at http://www.myccmtg.com.

We can do: FHA, Conventional, USDA, VA, HARP, Interest Only, Home Equity, Fixed, and Variable. Find out which product is right for you by calling Brad at (855) 415-5626.

Brad Neumann
Sr. Loan Officer
Crosscountry Mortgage Inc.
Toll Free: (855) 415-5626 ext. 5734
Email: bneumann@myccmortgage.com
NMLS# 948036
0 votes Thank Flag Link Fri Nov 15, 2013
You can buy a house any time after a short sale if you do NOT finance it. If you need a mortgage, you will have to wait 3 years, but also, you have make sure your credit score is high.
0 votes Thank Flag Link Sun Sep 16, 2012
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