Home Buying in 08234>Question Details

Lesselby21, Renter in 08234

how soon can we buy again after short sale?

Asked by Lesselby21, 08234 Thu Oct 20, 2011

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16
Yup - As stated here a few times and as I know it:

After a deed-in-lieu of foreclosure, preforeclosure sale, or short sale, there is a mandatory waiting period of two years for a loan with an 80% maximum LTV (loan-to-value ratio), or four years for a loan with a 90% LTV. If the borrower can document extenuating circumstances, the waiting period for a loan with a 90% LTV drops to two years.
2 votes Thank Flag Link Thu Oct 20, 2011
Short sale with FHA Loan

* Can purchase right away with no mortgage default
* 3 year wait if in default at the closing
* Reduced wait if the borrower has re-established good credit and can show extenuating circumstances

Short Sale With Fannie Mae Loan

* 2 year wait if the borrower puts 20 % down
* 4 year wait if the borrower puts between 10% to 20% down
* 7 year wait if the borrower puts less than 10% down
* 2 year wait if the borrower can show extenuating circumstances and puts more than 10% down

Short Sale with Freddie Mac Loan

* 4 year wait before being able to get a loan
* 2 year wait if the borrower can show extenuating circumstances
However you may buy again if your loan was current last 12 monthsof the loan period at the time of your short sale. Very rare. But you have an option Only ever saw one person able to do this so far.


Larry Sarlo
RE/MAX Preferred
609-868-1171 call/ Text/ email 7 days
lsarlo@comcast.net

http://www.SicklervilleShortSaleRealtor.com

http://www.LarrySarlo.com
1 vote Thank Flag Link Thu Oct 20, 2011
You don't have to wait.....

We have a portfolio "2nd Chance" loan that allows you to buy again just one day after Short-Sale or Foreclosure. You can only have one on your credit and you will need a 20% down-payment and 660 mid FICO score. Late payments acceptable.

This loan is available in - AZ, CA, CO, DC, FL, HI, IL, MD, MT, NV, NJ, NY, NC, OR, SC, VA, and WA . Loan amounts up to $4 million +
0 votes Thank Flag Link Thu May 22, 2014
You don't have to wait.....

We have a portfolio "2nd Chance" loan that allows you to buy again just one day after Short-Sale or Foreclosure. You can only have one on your credit and you will need a 20% down-payment and 660 mid FICO score.

This loan is available in - AZ, CA, CO, DC, FL, HI, IL, MD, MT, NV, NJ, NY, NC, OR, SC, VA, and WA
0 votes Thank Flag Link Thu May 22, 2014
12 months with the new HUD Back to Work Program, this allows you to purchase a home just 12 months after a short sale. I can recommend a few lenders that offer this program even with lower credit scores.

http://thelendersnetwork.com/buying-a-house-after-a-short-sale/
0 votes Thank Flag Link Fri Sep 20, 2013
I had a short sale last year and my Realtor recommend http://www.cfs-mortgage.com/flex for a home loan. I am very happy to be able to purchase again.
0 votes Thank Flag Link Wed May 8, 2013
As soon as you want.
Rajan Khullar
609-816-7644
0 votes Thank Flag Link Tue Jun 12, 2012
Although it is possible to have your credit in good shape 2 years after the short sale, many lender rules will have you waiting 3 years.
0 votes Thank Flag Link Tue Jun 12, 2012
Work on having all your bills paid on time and raising your credit score. You must wait at least two years. Longer for a foreclosure. Be patient and you can do it!
0 votes Thank Flag Link Tue May 29, 2012
Hi there!

You have been given great information! Yes, depending on your credit score, you would need to wait roughly 2yrs...

Hope we have helped!!

Erin Reilly
0 votes Thank Flag Link Tue Oct 25, 2011
A great blog post was written by Bill Gassett. I have posted it on my facebook page:
http://www.facebook.com/dianesellsthejerseyshore
There he has a chart with information direct from FICO where you will see how long it takes which will depend on your credit score before your short sale. Excellent information.
Web Reference: http://www.dianeglander.com
0 votes Thank Flag Link Thu Oct 20, 2011
Provided you have maintained your credit, with low debt to income ratio and supporting income. It will take roughly two years. Give me a call to discuss this further. 609-816-7644 Raj
0 votes Thank Flag Link Thu Oct 20, 2011
At least two years. How long has it been since your short sale?

Matt
Web Reference: http://sjhouses.com
0 votes Thank Flag Link Thu Oct 20, 2011
After a short sale you will be able to obtain a mortgage agian in 2 years with good credit history. If you foreclose then you will have to wait 5 years. Big difference.
0 votes Thank Flag Link Thu Oct 20, 2011
You will get various answers to this, so let me tell you what I know and keep checking back for other answers. It may take at least 2 years to be eligible for a Fannie Mae loan and I am not certain what the FHA requirements are at this time. However, your credit score was impacted by how the lender reported your account status, so you should check into that and your credit reports.....as recommended in the previous post. The lender could have reported your short sale as 1) Paid in full- paid as agreed; 2) Paid-settled; 3)Paid - unrated; and 4)Paid -less than owed....these classifications will impact your credit score. To better understand your standing, you will need to get your credit reports and perhaps ask a lender about your situation.

Wishing you the best!
0 votes Thank Flag Link Thu Oct 20, 2011
Depends, some people say 3 years, but some say around 2. I got a suggestion from a mortgage professional and she told me to look at my credit report and make sure the reporting of the loans are ZERO'd out.

Once the Zero out phase is done, that's when the time frame is done.
0 votes Thank Flag Link Thu Oct 20, 2011
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